Geithner Says Economy Recovering, Tax Cuts to Expire

Treasury Secretary Timothy F. Geithner said confidence in the U.S. economy is recovering even though credit is “still quite tight,” and he indicated that tax reductions expiring at the end of this year for wealthy Americans won’t be extended.

Tax cuts enacted under former President George W. Bush for “the most fortunate 2 or 3 percent of Americans” should be allowed to expire, Geithner told reporters in Washington today. “That will help us begin the process of making a contribution to bringing down our long-term deficits. That’s the sensible approach going forward.”