In a television interview airing tonight at 9 pm ET on Bloomberg TV's Political Capital with Al Hunt, Secretary Geithner talked about the President’s plan to reduce the deficit and strengthen the economy. As Bloomberg reported, the Secretary “repeated the administration’s calls for an immediate extension of middle-class tax cuts, and said cuts for the highest earners should be allowed to expire.” Secretary Geithner said: “You have to look at how much revenue do you need to make sure you have a balanced deal to get this back to the point we’re living within our means. That’s going to require a substantial amount of revenue, we think in the neighborhood of $1.5 trillion to $1.6 trillion.”
On the heels of the President’s meeting today with Congressional leaders, the Secretary also expressed confidence about reaching an agreement to avert the so-called “fiscal cliff” and provide increased certainty to millions of Americans saying, “I think this is doable within several weeks.” He went on to add: “The basic responsibility we have is to make sure that we're protecting them from a tax increase that they don't deserve, don't need in this context. Now, we can do that. That's not enough. We want to go beyond that and do something good for the long term future of the economy, too.”
Make sure to watch the full interview tonight. Visit here to check your local listings for Bloomberg TV.