Wednesday, November 14, 2012

Geithner warns against delaying solution to fiscal crisis

Treasury Secretary Timothy Geithner on Tuesday warned against extending all the U.S. tax breaks to give Washington additional time to broker a deficit reduction deal, saying it would create more uncertainty in the markets.

The Obama administration and Congress have seven weeks to deal with the so-called "fiscal cliff," a scenario in which hundreds of billions of dollars in tax hikes and spending cuts start to take effect next year, driving the economy into recession.

http://www.reuters.com/article/2012/11/14/us-usa-fiscal-geithner-idUSBRE8AC17120121114