Geithner: Tax cuts for rich a '$700 billion mistake'

[Peacetrain]

Yah Think???? Talk about being the master of the understatement!


http://money.cnn.com/2010/08/04/news/economy/Geithner_Speech/index.htm?source=cnn_bin&hpt=Sbin



WASHINGTON (CNNMoney.com) -- Treasury Secretary Tim Geithner made a case Wednesday for letting tax cuts for the wealthiest Americans lapse as a step toward getting the nation's fiscal house in order.

"Borrowing to finance tax cuts for the top 2% would be a $700 billion fiscal mistake," Geithner said before the Center for American Progress in Washington, alongside deficit hawk Douglas Holtz-Eakin, president of the American Action Forum. "It's not the prescription the economy needs right now, and the country can't afford it."