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Larry Summers backtracks on tax cut comments

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    Did President Obama's former economic adviser flip-flop?

  • Duration 1:21
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First it was President Clinton can now one of president Obama's former economic advisors voicing support for extending the bush era tax cut -- right yesterday Larry Summers said quote.

The real risks to this economy is on the side of slowdown certainly not on the side of overheating.

That means we've got to make sure we don't think the gasoline out of the tank at the end of this year.

That's got to be the top priority but just as quickly as those words came out of his -- Summers backtracked later releasing this statement quote.

I fully support president Obama's position on tax cuts extending the high income tax cut.

Does little for demand and poses substantial problems of fairness and fiscal prince.

Well last night congressman Paul Ryan was on Hannity discussing these comments by Democrats.

He says Democrats and Republicans both know you can't -- taxes in this economy.

The last thing I do have very -- economy like this is crank up tax rates so that's where we actually agree on that.

People from the left and the right on it on economics agree don't raise taxes in this kind of an economy the president -- so wedded to this class warfare.

Pitting Americans against each other.

That he's willing to trash all the advice he's getting from people in his own party.

About what it is to do to prevent us from going into recession the CEOs telling us if these tax increases that will have a recession.

In -- president's doubling down this direction so we just need a new president we need new leadership.

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