Geithner on Fiscal Cliff: Not Complicated. Raise Taxes, Remove the Debt Ceiling. Chop, chop!Submitted by Diamond Dog on Mon, 11/19/2012 - 14:56
Nov. 17 (Bloomberg) -- Treasury Secretary Timothy F. Geithner said he’s confident an agreement on averting the fiscal cliff can be concluded within weeks after White House talks between President Barack Obama and congressional leaders.
“It was a good meeting, and the tone was very good,” Geithner said in an interview yesterday in Washington on Bloomberg Television’s “Political Capital With Al Hunt” airing this weekend. “I think this is doable within several weeks.”
The ‘fiscal cliff’ explained in charts: There has been a lot of talk about the “fiscal cliff.” But what is it? How will it affect your pocketbook? These charts address these questions and will help you understand why lawmakers want to reach a deal on taxes and spending to prevent us from falling off the cliff.
Geithner said a deal must be reached soon to prevent further damaging consumer confidence. The lack of agreement is “this huge cloud of uncertainty hanging over the economy,” he said. As the peak of holiday shopping season approaches, “You’d want to do it as soon as you can.”
“This is within our grasp, within our reach,” Geithner said. “It’s not that complicated.”