July 25 (Reuters) – 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.
(Reporting by Glenn Somerville; Editing by Eric Beech)