With a soaring budget deficit and national debt, top Obama administration officials are now openly talking about the possible need for higher taxes. When specifically asked about higher taxes, both Treasury Secretary Timothy Geithner and National Economic Council Director Larry Summers refused to rule them out.
When Geithner was asked about the need for higher taxes, he replied, “If we want an economy that’s going to grow in the future, people have to understand we have to bring those deficits down. And it’s going to be difficult, hard for us to do.” He went on to add, “We’re not at the point yet where we’re going to make a judgment about what it’s going to take.”
Summers was asked about the possibility of raising taxes on the middle class to pay for health care reform, and he replied that “health care overhaul needs funding from somewhere.” He further stated that the administration believes “it is never a good idea to absolutely rule things out, no matter what.”
These statements are in direct contrast to Obama’s statements during his presidential campaign, when he repeatedly promised the middle class, “You will not see any of your taxes increase one single dime.” The harsh reality is beginning to hit this administration that you can’t continue to spend almost twice as much as you bring in. Unfortunately, however, it appears they plan to close that gap by raising taxes rather than cutting spending.
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