Geither: "Absolutely" Willing To Go Over Fiscal Cliff
Treasury Secretary Timothy Geithner describes the administration's position regarding raising taxes on the wealthy, and says the President is completely prepared to go over the 'fiscal cliff' unless Republicans go along.
STEVE LIESMAN, CNBC: I want to understand the administration's position when it comes to raising taxes on the wealthy, those making more than $250,000. If Republicans do not agree to that, is the administration prepared to go over the fiscal cliff?
TREASURY SEC. TIM GEITHNER: Oh, absolutely. There's no prospect for an agreement that doesn't involve those rates going up on the top two percent -- remember, it's only the top two percent.