Treasury Secretary Timothy Geithner said on Wednesday that the Obama administration was "absolutely" prepared to jump off the so-called fiscal cliff should Republicans not agree to raising tax rates on the country's top earners, according to Politico:
"Oh, absolutely," Geithner replied. "There's no prospect in an agreement that doesn't involve the rates going up on the top 2 percent of the wealthiest."
"The size of the problem in some sense is so large it can't be solved without rates going up," Geithner said about the country's fiscal challenges. "I think there's a broad recognition of that reality now."