Timothy Geithner, Spending Cuts | featured news

President Obama is ready for difficult concessions to reach a deficit deal, but GOP lawmakers must first commit to higher tax rates on the rich and specify what additional spending cuts they want in a deal to avoid the looming "fiscal cliff," Treasury Secretary Timothy Geithner said.

Timothy F. Geithner is considering leaving the Obama administration after a deal is reached to reduce the federal deficit.

Republican lawmakers are stepping up pressure on the Obama administration to craft a Plan B just in case budget talks fall through and the debt ceiling remains frozen past the Aug. 2 deadline Treasury Secretary Tim Geithner has set.

Treasury Secretary Timothy Geithner warned in a letter to Congress that failure to raise the $14.294 trillion debt ceiling would drive up interest rates, push down household wealth, put more pressure on federal entitlement programs and cause a double-dip recession.