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No fiscal deal without tax hikes for U.S. wealthy: Geithner


09:37, December 03, 2012

There is "no possibility" for the United States to put its fiscal house in order without letting tax cuts for the rich expire. (Photo/Xinhua)

WASHINGTON, Dec. 2 (Xinhua) -- There is "no possibility" for the United States to put its fiscal house in order without letting tax cuts for the rich expire, Treasury Secretary Timothy Geithner said Sunday.

Tax cuts for wealthy households that earned more than 250,000 U.S. dollars each year cost America about 1 trillion dollars over a decade, Geithner said during an interview with CNN on Sunday.

With the "fiscal cliff" looming, Geithner called for a balanced approach to resolve the nation's fiscal challenge, including increasing tax revenues, cutting entitlement spending and new stimulus programs to bolster economic growth.

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