(ABC News) Treasury Secretary Timothy Geithner this afternoon said the Obama administration is “absolutely” prepared to go off the looming “fiscal cliff” if Republicans do not agree to raise tax rates on the wealthy.

Appearing on CNBC, Geithner was asked if the administration is willing to accept the impending spending cuts and tax increases if Republicans refuse to raise rates on the top two percent of income-earners as President Obama is demanding.

“Oh, absolutely,” Geithner replied. “There’s no prospect for an agreement that doesn’t involve those rates going up on the top two percent of the wealthiest.”

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