Bloomberg News

Geithner Says Republican Rejection of Obama Plan Threatens Jobs

November 15, 2011

Nov. 8 (Bloomberg) -- U.S. Treasury Secretary Timothy F. Geithner said “more Americans will be out of work longer” if Republicans in Congress continue to reject President Barack Obama’s jobs proposal.

“If the Republicans continue to fight the president’s plan, taxes will go up for all companies and all working Americans at the end of this year,” Geithner said today in remarks prepared for a visit to an Intel Corp. factory in Chandler, Arizona.

“Our decaying roads and bridges and airports will continue to be a drag on economic growth,” Geithner said. “Local communities across the country will have to cut back more on education and lay off more first responders.”

Obama’s $447 billion package of tax cuts and spending, announced in September, was blocked by Republicans in the Senate and the administration is pushing lawmakers to hold votes on individual components of his plan.

Obama’s proposal includes continuing a tax break on new plant and equipment investments into 2012, and giving companies tax credits aimed at encouraging hiring.

“The question before the nation is, will the Republicans in Congress embrace it or fight it?” Geithner said. “So far, they are fighting it. Maybe they will continue to fight it. If they do, then America will be weaker. Growth will be slower. More Americans will be out of work longer.”

Geithner said investments such as those made by Santa Clara, California-based Intel show that “even though Washington is not working, at least parts of America are working.”

--Editors: Kevin Costelloe, Gail DeGeorge

To contact the reporters on this story: Ian Katz in Washington at ikatz2@bloomberg.net; Amanda Crawford in Chandler, Arizona, at acrawford24@bloomberg.net

To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net


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