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Summers backs extension of Bush tax cuts [View all]
Source: CBS News
June 6, 2012 11:34 AM
Summers backs extension of Bush tax cuts
By Corbett B. Daly
(CBS News) Another ally of President Obama on Wednesday came out against the president's position that tax rates on the wealthiest Americans should rise next year.
Lawrence Summers, who led the White House National Economic Council in early years of the Obama administration, said Congress should temporarily extend tax cuts set to expire at the end of the year.
"The real risk to this economy is on the side of slow down, certainly not on the side of overheating, and that means we've got to make sure that we don't take gasoline out of the tank at the end of this year," Summers said on MSNBC, "that's gotta be the top priority."
"We've got to make sure that we keep providing energy to the economy. In the areas where we have done that, like manufacturing, with the support for the automobile industry, we haven't had great results, but we have had much better results," Summers added.
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Summers backs extension of Bush tax cuts
By Corbett B. Daly
(CBS News) Another ally of President Obama on Wednesday came out against the president's position that tax rates on the wealthiest Americans should rise next year.
Lawrence Summers, who led the White House National Economic Council in early years of the Obama administration, said Congress should temporarily extend tax cuts set to expire at the end of the year.
"The real risk to this economy is on the side of slow down, certainly not on the side of overheating, and that means we've got to make sure that we don't take gasoline out of the tank at the end of this year," Summers said on MSNBC, "that's gotta be the top priority."
"We've got to make sure that we keep providing energy to the economy. In the areas where we have done that, like manufacturing, with the support for the automobile industry, we haven't had great results, but we have had much better results," Summers added.
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Read more: http://www.cbsnews.com/8301-503544_162-57448217-503544/summers-backs-extension-of-bush-tax-cuts/
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