Treasury Secretary Timothy Geithner attacked the Bush administration's tax policies as "misguided," saying that renewing the Bush tax cuts for the highest-earning Americans would worsen the budget deficit.

Extending the cuts would force the government to borrow further and impede more effective measures to stimulate economic growth, Reuters reported.

"Borrowing to finance tax cuts for the top 2 percent would be a $700 billion fiscal mistake," Geithner said. "It's not the prescription the economy needs now, and the country can't afford it."

President Barack Obama has said that he wants to renew the Bush tax cuts for all but the highest-earning Americans. Republicans and some Democrats have charged that raising taxes on anyone would harm the economic recovery.

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LadySmoks

geithner is an idiot. sure, raise taxes and take money from people who hire other people. good plan!

August 11 2010 at 6:01 PM Report abuse rate up rate down Reply
amancin

TO: comdrhlamb. What are you some 12 year old kid who knows nothing but talks like an authority??? You talk about Bush: he was our President for 8 years, not a decade or so as you say and he had Democrat congress for much of that time. And the Bush tax cuts did work. Do you know how many million jobs were created?? Go back to your cookies and milk and stop blathering off about things of which you know nothing!!

August 05 2010 at 12:39 PM Report abuse -2 rate up rate down Reply
1 reply to amancin's comment
cmdrhlamb

"he had a democratic congress for much of that time".....really....two years out of eight is "much of that time"?......funny, i dont see all those "jobs" those tax cuts created right now, or at the end of his term......we are in a recession, fool....that's how he left us, like it or not.....and it seems in this case you need the cookies.....two out of eight?......wow.......

August 05 2010 at 3:25 PM Report abuse +1 rate up rate down Reply
amancin

The libs on this blog are the same old same old. Raise taxes on the rich but who are the rich -- well according to Obama. that is anyone making $200,000 or more. So if you live in NY or CA you are rich if you make that.......hey libs, how well can you live in NY or CA on that and when is the last time someone poor offered you a job. You all are idiotic morons with no sense at all. The rich pay most of the taxes right now.....let them keep what they earned, and I mean earned. If they multiply it over and over again, that is good for the economy. You moron socialist/ciommunists just do not understand that that crap has never worked. Look at any country that has tried that stuff - France, Italy, Germany, Greece, they are all in a heap of trouble and you nuts want that here. Thank God, the American people have awakened to Obama's agenda. Stop him and stop him NOW!!!

August 05 2010 at 12:32 PM Report abuse -1 rate up rate down Reply
cmdrhlamb

funny, it came at the tail end of an eight year rule by a GOP president.....i think it more his fault, being he was the leader for the past decade or so.....

August 05 2010 at 12:00 PM Report abuse rate up rate down Reply
jeeperswally

Waaaait, this guy can't even handle turbo tax, and he is making our tax policy?!?! Democrats caused this recession, not Bush.

August 05 2010 at 11:51 AM Report abuse rate up rate down Reply
jtonkins

The government knows much better how to spend your money than you do... just sign the chack, mail it to the IRS and shut up.... Silly Americans still think they have freedom...

August 05 2010 at 9:12 AM Report abuse +1 rate up rate down Reply
cmdrhlamb

but we know the new "jobs" bill is just more of the exact same, so let them lapse.....they didn't work the first time, i seriously dont see why anyone would think it would work this time......we cant afford it.....

August 05 2010 at 9:03 AM Report abuse +1 rate up rate down Reply
cmdrhlamb

and why does it seem that we are the only ones who think this ridiculous?

August 05 2010 at 9:01 AM Report abuse +1 rate up rate down Reply
scottee

the government just needs to get out of our life! we need smaller government and fewer taxes and they have to STOP SOCIAL ENGINEERING VIA TAX POLICY! everyone should pay a minimal amount of federal tax...the same percentage. if you earn $100, pay 5%. if you earn 100 million dollars, pay 5%. and then the government needs to only spend what they take in. Congress and past presidents have been fiscally irresponsible for over 40 years and it HAS TO STOP! they earn six figures with full benefits while they wreck the economy for us and legislate everything for us while exempting themselves...why??? and what do we do about it???

August 05 2010 at 7:50 AM Report abuse +6 rate up rate down Reply