Geithner: US must show deficit-cutting commitment

WASHINGTON, July 25 (BestGrowthStock) – Letting tax cuts for the
wealthiest expire on schedule this year is necessary to
highlight U.S. commitment to curb deficits and it won’t stall
the recovery, Treasury Secretary Timothy Geithner said on
Sunday.

On ABC’s “This Week” program, Geithner said only 2 to 3
percent of the wealthiest Americans — those earning more than
$250,000 a year — will be affected when tax cuts passed by the
former Bush administration expire at the end of this year.

“We think that’s the responsible thing to do because we
need to make sure we can show the world that (we’re) willing as
a country now to start to make some progress bringing down our
long-term deficits,” he said.

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(Reporting by Glenn Somerville; Editing by Eric Beech)

Geithner: US must show deficit-cutting commitment