Geithner: 'Privilege of Being an American' Is Why Rich Need Higher Taxes

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11:00 AM, Feb 24, 2012 • By DANIEL HALPER

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Treasury Secretary Tim Geithner, speaking this morning on CNBC:

"That’s the kind of balance you need," said Geithner. "Why is that the case? Because if you don't try to generate more revenues through tax reform, if you don't ask, you know, the most fortunate Americans to bear a slightly larger burden of the privilege of being an American, then you have to -- the only way to achieve fiscal sustainability is through unacceptably deep cuts in benefits for middle class seniors, or unacceptably deep cuts in national security."