Geithner: Bush Tax Cuts for Wealthiest Should Be Allowed to Expire

Treasury Secretary Timothy Geithner said the Bush-era tax cuts for the wealthiest Americans should be allowed to expire this year in order to narrow the federal government's deficit.

The New York Times reported. He said that the tax increase would not affect economic growth.

On ABC's This Week, Geithner said: "We think that's the responsible thing to do because we need to make sure we can show the world" that America is "willing as a country now to start to make some progress bringing down our long-term deficits." Geithner also said the White House supported maintaining tax cuts for those earn less than the wealthiest Americans.

Most Republicans and some Democrats are urging that all the Bush-era tax cuts be renewed, saying that letting them expire would hurt economic growth.