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Geithner: Rich Should Pay More for "Privilege of Being an American"

BEGIN TRANSCRIPT

RUSH: Moving on to CNBC Squawk Box, this is the Geithner bite, Timothy Geithner.  The senior economics reporter Steve Liesman.  And Liesman says, "You have proposed, $2.1 trillion dollars in gross revenues the president has through 2022 in the budget, and yet it seems like almost all the additional revenue is taken up with additional spending. Where is the real deficit reduction?"

GEITHNER:  If you don't try to generate more revenues through tax reform, if you don't ask, you know, the most fortunate Americans to bear a slightly larger burden of the privilege of being an American, then you have to -- the only way to achieve fiscal sustainability is through unacceptably deep cuts in benefits for middle class seniors or unacceptably deep cuts in national security.

RUSH:  If you don't ask the most fortunate Americans to bear the slightly larger burden of being an American... So they're gonna put a price now on the privilege of being an American.  All you had to do was be born to be an American.  That's the regime for you. Remember Joe Bite Me, it is our patriotic duty to pay more in taxes.

 

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