That is 1. 2 trillion in automatic budget cuts and 600 billion in tax hikes that would result from the expiratin on december 31, te consequences would simply be devasting. The Economic Impact on the country and the American People would mean the loss of hundreds of thousands, if not millions of jobs. E very likely onset of yet another recession. The white house Timothy Geithner on capitol hill today. He went there emptyhanded to meet the party leaders. House Speaker John Boehner who has already offered to raise tax revenue finds himself not in a negotiation, but rather competing in the white house media campaign. This is how Speaker Boehner reacted earlier today to the demands of the white house that were laid out by Timothy Geithner in a closeddoor meeting. The treasury secretary reiterating the president s call for 1. 6 trillion in new tax revenue and Timothy Geithner rrently offering nothing in return. In lieu of federal pending. First, despite the claims that the presint supports a