Treasury Secretary Geithner: Lift Debt Limit to Infinity

[jimnyc]

Imagine that, the Democrats want to have the ability to be able to spend us into endless debt and ruin our country, if we aren't there already, economically speaking.


Treasury Secretary Timothy Geithner said Friday that Congress should stop placing legal limits on the amount of money the government can borrow and effectively lift the debt limit to infinity.

On Bloomberg TV, “Political Capital” host Al Hunt asked Geithner if he believes “we ought to just eliminate the debt ceiling.”

“Oh, absolutely,” Geithner said.

“You do? Will you propose that?” Hunt asked.

“Well, this is something only Congress can solve,” Geithner said. “Congress put it on itself. We've had 100 years of experience with it, and I think only once--last summer--did people decide to use it to threaten default on the American credit for the first time in history as a tool for political advantage. And that’s not a tenable strategy.”

Hunt then asked: “Is now the time to eliminate it?”

“It would have been time a long time ago to eliminate it,” Geithner said. “The sooner the better.”

http://cnsnews.com/news/article/treasury-secretary-geithner-lift-debt-limit-infinity

[Marcus Aurelius]

he is out of his freaking mind.

[aboutime]

he is out of his freaking mind.


Marcus. Geithner is just the mouthpiece Obama depends on to get him past the FIRST GRADE arithmetic tests.

[fj1200]

Imagine that, the Democrats want to have the ability to be able to spend us into endless debt and ruin our country, if we aren't there already, economically speaking.

Well it is rather farcical in how we apply it. The only good thing is that it focuses some public attention on it when we need to raise it.

[jimnyc]

Well it is rather farcical in how we apply it. The only good thing is that it focuses some public attention on it when we need to raise it.

I think having a limit would have a direct affect on how they might build a budget (if they build one). Knowing that the ceiling has no limit very well may have them increase the budget. If anything, they should be lowering this crap to cap the spending and lower government, but too many of them want a blank check.

[aboutime]

I think having a limit would have a direct affect on how they might build a budget (if they build one). Knowing that the ceiling has no limit very well may have them increase the budget. If anything, they should be lowering this crap to cap the spending and lower government, but too many of them want a blank check.



jimnyc: It appears the Obama admin. The Democrat, Left, Liberal, Progressives are all convinced there is an ENDLESS supply of money to be PRINTED, and WE THE PEOPLE...if you believe the Democrats...have nothing to worry about.

Why should Obama, Reid, Pelosi, or any other Democrat be worried about SPENDING this nation into oblivion?
All of them will be long gone, and probably dead before their actions, and their BILLS come due.

If I had the power in four years to run for the Presidency, and I happened to win.

I would TERMINATE every Congressional salary, or form of pay with an OBAMA-LIKE Executive Order. PERIOD.

[DragonStryk72]

Imagine that, the Democrats want to have the ability to be able to spend us into endless debt and ruin our country, if we aren't there already, economically speaking.



http://cnsnews.com/news/article/treasury-secretary-geithner-lift-debt-limit-infinity

But Obama's going to lower the deficit! :rolleyes: If he's gonna lower the deficit, then why would we need to raise the debt limit, since it will not be reached?

[logroller]

But Obama's going to lower the deficit! :rolleyes: If he's gonna lower the deficit, then why would we need to raise the debt limit, since it will not be reached?
In federal budget parlance, lowering the deficit means borrowing less, not owing less. It's a clever sleight of words that no certified public accountant would dare use; but its cool when Congress does it. Kinda like social security entitlements are calculated on cash basis; meaning they only consider it a year at a time instead of long term debt obligation. The national debt is really in excess of $60 trillion. Technically, they could legally cancel SS; therefor it isn't a liability. But nobody believes they actually would do that, not even them.

[red states rule]

This from the guy who claimed he was confused by TurboTax when he was busted as a tax cheat
http://www.strangepolitics.com/images/content/177295.jpg