Geithner wants to raise taxes as Government spending cuts alone are “irresponsible”
The national debt is now $14.34 trillion.
This year, according to the Congressional Budget Office, the federal government will run a deficit of $1.4 trillion.
Over the next decade, according to the CBO, the budget proposed by President Barack Obama would run up deficits totaling $9.5 trillion.
So 10 years down the road, the national debt of the United States could be $25 trillion!
Meanwhile, Treasury Secretary Timothy Geithner said Tuesday that a deal to raise the legal debt limit, which he expects to be completed in the next few weeks, will be only a short-term “down payment” on solving the nation’s debt problem.
And he added that it would be “irresponsible” to reduce the massive federal deficit anticipated over the next ten years with spending cuts alone. What is needed, he said, is a “balanced framework” that includes “revenue increases through tax reform.”
In the vernacular, when the government changes the tax laws to extract more tax revenue from citizens it is called a tax increase.