WASHINGTON -- Treasury Secretary Timothy Geithner said Wednesday that President Barack Obama’s administration is “absolutely” willing to go off the so-called fiscal cliff if Republicans refuse to increase taxes on the nation’s top earners.
During an interview with CNBC, Geithner was asked if the White House was willing to dive off the cliff if Republicans don’t accept a deal that raise tax rates for those making more than $250,000.
“Oh, absolutely," he responded. "Again, there's no prospect in an agreement that doesn't involve the rates going up on the top 2 percent of the wealthiest."
Geithner’s comments offer the strongest indication that Obama would accept the automatic spending cuts and tax rate increases that kick in if an agreement is not reached before the Dec. 31 deadline.