President Barack Obama’s treasury secretary has said he cannot rule out higher taxes to help manage the budget deficit, and his chief economic adviser would not dismiss raising them on middle-class Americans as part of a healthcare overhaul, said Associated Press. Treasury Secretary Timothy Geithner and National Economic Council Director Larry Summers have both sidestepped questions on Obama’s intentions about taxes. Geithner said the White House was not ready to rule out a tax hike to lower the federal deficit; Summers said Obama’s proposed healthcare overhaul needs funding from somewhere. “There is a lot that can happen over time,” Summers said, adding that the administration believes “it is never a good idea to absolutely rule things out, no matter what.” During his presidential campaign, Obama repeatedly vowed “you will not see any of your taxes increase one single dime.”
Obama Officials Won’t Rule Out Tax Hikes
Summers said the proposed healthcare overhaul needs funding from somewhere.
August 3, 2009