It looks like Timothy Geithner is hinting to us that the Obama tax promise is likely to be broken once again.  The promise was technically first broken when he approved a tax hike on cigarettes.  Whether you are for or against smoking, the fact is that he promised that we would see no form of tax increase if you made less than $250,000.  This obviously is a tax increase for anyone that smokes, regardless of income.  Even if you want to just label that promise as a compromise, it’s likely that we’ll see it completely broken if what Timothy Geithner is hinting at does happen.

Treasury Secretary Timothy Geithner said in an interview aired Sunday that the administration will do “what’s necessary” to revive the economy, and didn’t rule out new taxes as a means to do so.

“We’re going to have to look at – we’re going to have to do what’s necessary,” Geithner told ABC’s George Stephanopoulos, host of “This Week.”

“Remember the critical thing is people understand that when we have recovery established, led by the private sector, then we have to bring these deficits down very dramatically. We have to bring them down to a level where the amount we’re borrowing from the world is stable at a reasonable level. And that’s going to require some very hard choices. And we’re going to have to do that in a way that does not add unfairly to the burdens that the average American already faces.”

Pressed on whether he was ruling out new revenues, Geithner said: “[W]e’re not at the point yet where we’re going to make a judgment about what it’s going to take. … I think what the country needs to do is understand we’re going to have to do what it takes, we’re going to do what’s necessary.” Source

Obama’s Tax Promise:

I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes. Source

A federal budget deficit of more than $1 Trillion for this year is something that just cannot be ignored.  Especially if you look at the National Debt as well as the other unfunded liabilities that our Federal Government is responsible for.

Contact your Senators, contact your Congressmen, and tell them that this out of control spending that the Federal Government is doing must be addressed.  We simply cannot continue to rack up yearly deficits in the red any longer.