NEW YORK ( TheStreet) -- The latest powerful voice to weigh in on the battle over the Bush tax cuts for the wealthiest Americans was Treasury Secretary Tim Geithner. On Sunday morning, the weekly time of rest for God but breakfast of non-stop morning sound bites from the political powers that be about the world they would like to create -- at least until the next election -- Geithner said that he agrees with President Obama that the Bush tax cuts for the top of the American citizen food chain should be eliminated and such a move won't hurt the U.S. economic recovery. Geithner said on ABC'sThis Week that ending tax cuts for the 2% or 3% of the highest-earning Americans, was "the responsible thing to do." Geithner made the deficits argument, as expected, saying, "We need to make sure we can show the world that we're willing as a country now to start to make some progress bringing down our long-term deficits." Towards the end of last week, ignoring opinions expressed by fiscally conservative democrats that the Bush tax cuts should be extended, House speaker Nancy Pelosi added her powerful voice to the Bush tax cut executioner's song. It's not just a debate about tax cuts for the wealthiest Americans being part and parcel of a political class that bends over backwards, while opening up the federal vault, to assuage its richest constituents. It really comes down to an argument over whether tax cuts will help to spur consumer spending and keep the economy on pace in its attempts to put the double-dip recession fears to rest, or do nothing more than add a big heap to the already piled high federal deficit -- as much as three to four trillion dollars more. Just as Geithner said that eliminating the Bush tax cuts for the wealthiest was the responsible thing to do for deficit cutting purposes, the deficit argument has its flip side too. Republicans tried to block the extension of jobless benefits last week -- though it was passed -- with the argument that the federal deficit was already way too large to justify an extension of jobless benefits without a concurrent trimming of the other federal budget items. Not among those items to be trimmed, however, in the Republican economic theory of the moment, was the portion of Bush tax cuts for the wealthy. It's really an old argument, as old as Ronald Reagan's rosy scenario for the U.S. economy based on the trickle-down theory. Republicans -- and, more generally, supporters of extending the Bush tax cuts for the wealthiest -- have seized on recent economic uncertainty and a drop in consumer spending among the most affluent Americans as proof that eliminating the Bush tax cuts would be the worst move for what Federal Reserve chairman Ben Bernanke referred to last week as an "unusually uncertain" economy. The Bush tax cuts as a political powder keg -- it was a campaign promise of President Obama to eliminate the tax cuts for the wealthy -- is finally becoming the political issue of the moment, with health-care reform in the rearview mirror, comprehensive energy legislation again an issue that the government has decided to punt on, and the jobless benefits battle over.