Summers won't rule out new taxes

New taxes to help address the long-term budget deficit cannot be ruled out, National Economic Council Director Larry Summers admitted Sunday.

Summers said during an appearance on CBS that "it's never a good idea to absolutely rule things out no matter what" when it comes to the prospect of new taxes.

"But what the president has been completely clear on is that he's not going to pursue any of his priorities ... in ways that are primarily burdening middle class families," he added.

Treasury Secretary Tim Geithner, appearing on ABC this morning, also wouldn't take new taxes off the table as a way to bridge the budget deficit.

But Summers argued the U.S. economy is back from the brink of economic catastrophe, thanks to the Obama administration's handling of the economy,

Summers insisted that the administration's stimulus package signed into law earlier this year, along with its initiative to reform healthcare, would rejuvenate the economy while priming an opportunity to address the deficit in the long-term.

"We have walked back from what we were facing six months ago, and that's because of the policies we put in place," Summers said during an interview on "Meet the Press."

President Obama's top economic adviser said that the efforts to restructure healthcare in the U.S. would be chief among its efforts to reduce the deficit over time, characterizing the administration's attempt for a deficit-neutral reform bill as historically responsible.

"This is the most fiscally responsible approach to introducing a major structural change in the economy that's ever been pursued," Summers said. "There has never been this degree of careful scrutiny of long-run cost impacts."