President Barack Obama’s treasury secretary said Sunday he cannot rule 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…Treasury Secretary Timothy Geithner and Larry Summers both sidestepped questions on Obama’s intentions about taxes.
Transcript: Treasury Secretary Timothy Geithner
ABC News | August 2, 2009
STEPHANOPOULOS: The President has said that taxes won’t go up for any Americans earning under $250,000, but it doesn’t appear that he’s going to be able to keep that promise if you’re going to bring the deficits down. GEITHNER: George, we can’t make these judgments yet about what exactly it’s going to take and we’re going to get there.
Obama’s Pledge to Tax Only the Rich Can’t Pay for Everything
Jackie Calmes | NYT | July 31, 2009
Behind Democrats’ struggle to pay the $1 trillion 10-year cost of President Obama’s promise to overhaul the health care system is their collision with another of his well-known pledges: that 95 percent of Americans “will not see their taxes increase by a single dime” during his term.