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Geithner: We're Digging Out of This Hole

Barack Obama
CNBC
Barack Obama

President Obama was in Ohio today to unveil new proposalsaimed at jumpstarting the economy.

Speaking near Cleveland, the President once again urged Republicans to stop blocking a vote on a Small Business Jobs Bill.

Obama proposed billions in new business tax breaks to spur business activity and create new jobs.

Treasury Secretary Timothy Geithner spoke to Maria Bartiromo in a First on CNBC interview and told Bartiromo that the proposals “can make powerful impact.”

Geithner said, “first order of business is for Congress to pass the very important tax breaks for small business so they can hire people back again and once again be the engines of job creation in this country. Second, extend the tax cuts to middle Americans so they know today their taxes are not going up. Those two things themselves are the most important things right now.”

ADDITIONAL INCENTIVES FOR SMALL BUSINESSES

Geithner said it’s not enough. He wants to work with Congress “to set additional incentives to encourage investment, not just in research and development in the US.” Also “start to rebuild America's infrastructure, make sure we're digging out of these holes much more quickly,” said Geithner.

“Those things are important in long-term growth. By reinforcing investment today, we can help make sure we’re digging out of this hole much more quickly. We put Americans back to work much more quickly than we would otherwise be able to do,” said Geithner.

GETTING AMERICANS BACK TO WORK

But why now the tax breaks for small business? Geithner insists they’ve been promoting tax breaks for small businesses for a long time. “Beginning this year, the President proposed a series of actions to help reinforce recovery including a set of generous tax cuts to help, ways to help small business get access to credit so they can put people back work. If we can do this in the next couple of months, it can help spark private investments and get Americans back to work,” said Geithner.

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