Fiscal Cliff talks stall on Capitol Hill

WASHINGTON (CBS) - Treasury Secretary Timothy Geithner says it's up to Republicans to provide a plan to avoid the fiscal cliff.

The series of tax increases and spending cuts are due to kick in at the end of the year. Geithner, the President's lead negotiator, says because Republicans shot down the Presidents plan, they need to say what it is they are willing to do to avoid the cliff.

House Speaker John Boehner responded saying the Obama Administration isn't taking Republicans seriously with their plan to close loopholes and limit deductions without raising taxes.

"I realize the president may disagree but the fact is, if there's another way to get revenue from upper-income Americans that doesn't hurt our economy then why wouldn't we consider it?"

"There's just no reason why 98% of Americans should see their taxes go up because some members of Congress on the Republican side want to block tax increases for two percent of the wealthiest Americans," says Treasury Secretary Timothy Geithner.

The Democratic controlled Senate has already voted to extend the Bush cuts for incomes under $250-thousand dollars and letting the others expire. Moody's Analytics is predicting there will be at least a short term deal reached before the end of the year.


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