BUSH is a gift that keeps on screwing the USA!

Geithner argues against extending all Bush tax cuts
By Brady Dennis Wahungton Post

Treasury Secretary Timothy F. Geithner continues the administration's recent public relations push later this afternoon with a speech on tax and fiscal policy at the Center for American Progress, in which he plans to argue that responsible stewardship of the nation's finances can lead to economic growth, prosperity and job creation.

"Over the past two decades, Washington ran an experiment on that front," Geithner said in prepared remarks. "In the 1990's, the government put an end to budget deficits, and America enjoyed a period of growth led by the private sector where prosperity was widely shared and job creation was robust. Over the next decade, Washington tried a new path, running up huge debts, while incomes for most Americans stagnated and job creation was anemic. We are living today with the damage that misguided policy caused."

The speech comes amid a heated debate over what to do about a series of tax cuts instituted under President George W. Bush that will expire later this year. The Obama administration wants to extend cuts that apply to families making less than $250,000 a year, while allowing the cuts to expire for the wealthiest Americans. Republicans have pushed to have all the tax cuts extended, insisting that doing otherwise could further stunt economic growth.

"Borrowing to finance tax cuts for the top two percent would be a $700 billion fiscal mistake," Geithner plans to say. "It's not the prescription the economy needs right now, and the country can't afford it."

Earlier this week, Geithner traveled to New York for a speech in which he argued to the financial community that the recent financial overhaul bill signed into law by Obama ultimately will bring stability to the financial system and create the atmosphere for long-term growth. Other top-ranking Treasury officials are fanning out across the country carrying a similar message. On Wednesday, Assistant Secretary Michael Barr spoke on that subject to the Charlotte Chamber of Commerce.

"As we go about the task of implementing these reforms, we will be criticized by some for going too far and by some for not going far enough," Barr said, according to a copy of his remarks. "This distinction is stuck in a debate that presumes that regulation -- and efficient and innovative markets -- are at odds. In fact, the opposite is true. Markets rely on faith and trust. Markets require clear rules of the road. Consumers rely on the trust and fair dealing of financial institutions. And for all our sakes and that of our economy, we must restore honesty and integrity to our financial system."