Obama, Boehner talk, Geithner prepared to go off 'cliff'

"If we can get the leadership on the Republican side to take that framework, to acknowledge that reality, then the numbers actually aren't that far apart," Obama told The Business Roundtable.

"Another way of putting this is we can probably solve this in about a week. It's not that tough, but we need that conceptual breakthrough," he said.

Geithner reiterated that there would be no deal without higher tax rates on the wealthy and without a change in congressional rules making it harder to block an increase in the U.S. debt ceiling.

"There is no prospect (for) an agreement that doesn't involve rates going up on the top 2 percent of the wealthiest Americans," he told CNBC.

The two sides have submitted proposals to cut deficits by more than $4 trillion over the next 10 years, but differ on how to get there.

Republicans propose $1 trillion more in spending cuts than Obama, while the president wants $800 billion more in tax increases and $200 billion to boost the sluggish economy. Republicans have shown cracks in their solidarity on taxes, however, with some saying they would be willing to let rates rise on the wealthiest 2 percent in exchange for extending low rates for the other 98 percent of taxpayers.

'WE HAVE TO RAISE REVENUE'

Republican Senator Tom Coburn of Oklahoma said he could accept some higher tax rates as part of a long-term solution to the threat posed by spiraling U.S. debt. He said the path to prosperity would require at least a $9 trillion package of spending cuts and tax increases over 10 years, rather than the $4 trillion being discussed now.

"Personally I know we have to raise revenue. I don't really care which way we do it. Actually, I would rather see the rates go up than do it the other way because it gives us a greater chance to reform the tax code and broaden the base in the future," Coburn said on MSNBC.

... contd.

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