WASHINGTON (CNNMoney.com) -- Treasury Secretary Tim Geithner is expected Wednesday to back the idea of 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 is expected to say, according to released excerpts of his prepared remarks before the Center for American Progress in Washington. "It's not the prescription the economy needs right now, and the country can't afford it."
Geithner backs letting tax cuts for wealthiest lapse - Aug. 4, 2010
"Borrowing to finance tax cuts for the top 2% would be a $700 billion fiscal mistake," Geithner is expected to say, according to released excerpts of his prepared remarks before the Center for American Progress in Washington. "It's not the prescription the economy needs right now, and the country can't afford it."
Geithner backs letting tax cuts for wealthiest lapse - Aug. 4, 2010