According to a Bloomberg report, Geithner made his announcement during a testy exchange with Rep. Dave Camp, R-Mich., in an appearance before the House Ways and Means Committee. When Camp asked if the administration was going to present ‘a comprehensive reform plan’ relating to the tax code, Geithner blamed the Republicans for an intransigent environment rooted from last year's tumultuous deficit-reduction negotiations.
‘We found, frankly, that we were too far apart,’ Geithner said. ‘We're just so far apart on these core priorities.’
Camp berated the administration for not making an effort to provide ideas on tax-code reform. ‘What we're asking is for some sort of public leadership stand on this issue,’ he said.
Geithner stated that the administration would focus on addressing changes to the corporate tax code, and he continued the president's call to increase taxes on the wealthiest Americans.
‘Focusing these revenue proposals on the top 2 percent, those who have fared the best in the last decade of financial excess, is far better for the economy and more fair for the American people,’ Geithner said.