Geithner: We Need ‘Revenue Increases;' Cutting Deficit by Spending Cuts Alone 'Irresponsible'

June 21, 2011 - 9:21 PM
Treasury Secretary Timothy Geithner said Tuesday that a deal to raise the legal debt limit, which he expects to be completed in the next few weeks, will be only a short-term “down payment” on solving the nation’s debt problem, and that it would be "irresponsible" to reduce the massive federal deficit anticipated over the next ten years with spending cuts alone.