Tag Archives: CNN

Congressman Barney Frank blows a gasket at Town Hall Meeting

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Surprise! Surprise! Surprise! The Middle Class may see a tax hike!

I posted the transcript yesterday from ABC News: Transcript: Treasury Secretary Timothy Geithner

No other news has been reported discounting Geithner’s remarks about not ruling out higher taxes to help tame an exploding budget deficit and his chief economic adviser would not dismiss raising them on middle-class Americans as part of a health care overhaul!

During his presidential campaign, Obama repeatedly vowed “you will not see any of your taxes increase one single dime.” But the simple reality remains that his ambitious overhaul of how Americans receive health care — promised without increasing the federal deficit — must be paid for.  “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. And the path to that is through health care reform,” Geithner said. “We’re not at the point yet where we’re going to make a judgment about what it’s going to take.”

“Well, as I’ve said, I think we maybe are beginning to see the end of the recession, but it’s still going to be some time before we are seeing companies hiring again. That’s usually the last thing that happens,” Obama said in an interview with Univision that aired on Sunday.  “So I think we are still going to have a tough remainder of the year — probably until next year — but, you know, at least what we are seeing — we’ve pulled back from the possibility of a depression. That’s not the danger.”

Senator John McCain, questioned whether the administration’s actions will prove beneficial for the country.  “I think it’s pretty clear, if you pump trillions of dollars into the economy, you will see some recovery,” the Arizona Republican said while giving Obama credit for the improvement. “But the long-term consequences, I think, are going to be, unfortunately, devastating unless we do something about it.”