Treasury Secretary Tim Geithner was on Capitol Hill to defend the Administration’s 2013 budget request. In testimony before the Senate Finance Committee, Secretary Geithner said the President’s $3.8 trillion package will reduce deficits significantly over time and get the nation back on a sustainable budget path.
The proposal includes raising revenues, one of which is a tax hike on the top two percent of American earners.
Republican committee members disagreed and argued the increase will only hurt small businesses who are the main job creators.