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Geithner and Boehner fiscal cliff talks remain deadlocked

  • U.S. Treasury Secretary Timothy Geithner stated on Sunday there will not be a deal to avoid a "fiscal cliff" unless Republicans accept a tax hike for the wealthy.

    However, House Speaker John Boehner rejected a 10-year plan that aims to raise $1.6 trillion through tax increases and spending cuts, labelling it as "silliness".

    The two men met on Thursday as the deadline to broker a deal fast approaches.

    Appearances by both Geithner and Boehner on a series of Sunday television talk shows highlight the stark difference in their positions.

    Geithner, negotiating for the White House, has drafted a plan that includes more spending to help the unemployed and struggling homeowners along with cuts in Medicare and other benefits.

    Boehner, negotiating for the Republicans who control the House of Representatives, said he was 'flabbergasted' by Geithner's proposal

    Economists have warned that a combination of planned tax rises and spending cuts set to come into place on January 1 could lead to a recession.