FOXNews.com: Geithner: Democrats' fiscal plan is 'detailed' and 'balanced'

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Geithner: Democrats' fiscal plan is 'detailed' and 'balanced' Dec 2nd 2012, 14:21 Treasury Secretary Timothy Geithner on Sunday defended President Obama's proposal to avert tax increases and massive federal spending cuts, saying it is a "balanced" and "detailed" plan and that Republicans still have time to make proposed changes but time is running out. "We laid out a very detailed plan," Geither said on "Fox News Sunday." Geithner, the White House's top negotiator with congressional Republicans in the budget talks, said Democrats realized Republicans are having a difficult time garnering support for increases to generate revenue that will help reduce the country's estimate $16 trillion debt. Should Congress and the White House fail to reach an agreement, a $500 billion mix of tax increases and budget cuts would kick in Jan. 1. Republicans "are in kind of a tough position," Geithner told Fox. "We may have to give them a little more time. … But what we cannot do is figure out what works for them." He also said the country could go over the so-called "fiscal cliff" by next month and that it could be "very damaging" to most Americans. The president's plan also calls for $1.6 trillion in tax increases, $600 billion in savings from changes in mandatory spending programs, including Medicare, and $200 billion in spending -- ranging from public works projects to help for the unemployed and struggling homeowners, administration officials said. House Speaker John Boehner responded later on the show by saying he was "flabbergasted" by the president's plan.

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