Tim Geithner has Republicans pegged. We WILL raise the debt ceiling, he believes, and then he will bail on Obama as so many others on the Narcissist-in-Chief’s economic team have already done. Tax-cheat Geithner, increased our Nation’s debt by $3.7 TRILLION during The Time of Obama. Both men came into office with the national debt at $10.6 TRILLION. Today, the Democrat debt is $14.3 TRILLION AND THEY WANT MORE! Former Fed Chairman Alan Greenspan said in an interview with CNBC, that the stimulus did nothing to stimulate the U.S. economy. It’s only effect was to weaken the dollar. And with Ben Bernake’s second quarter of quantative easing coming to an end, he reportedly is readying to print more money.
In fact, the debt accrued under Geithner is greater than all federal debt accrued in the first 204 years of the nation’s history. The national debt did not reach $3.7 trillion until October 1991, according to historical Treasury data that reaches back to 1791.
Geithner, who reportedly may step down from his position soon, has overseen the accrual of more federal debt (in only 2.5 years) than every Treasury secretary combined from Alexander Hamilton to Nicholas Brady, who was Treasury secretary in October 1991 when the national debt reached $3.7 trillion. Source: CNS
Geitner doesn’t plan to stick around for the second immaculation of Barack Obama, since it’s not likely to happen. Nevertheless, he is calling for a higher debt ceiling and warns our country will “default” if he cannot spend even more.
Remember the Strategy of Manufactured Crisis? Coburn said we are not going to default…fighting words for the arrogant SOB’s in the White House. What? There needn’t be a crisis? Imagine that!
“We’re not going to default even if there is no debt-ceiling increase,” Sen. Tom Coburn (R., Okla.) said in an interview. “The fact is we’ve got to cut spending and we’ve got to cut it now.”
Mr. Coburn said Geithner’s claims are “politically motivated” and that the Treasury secretary should act to assure markets that the U.S.’s debt-service obligations will be met regardless of whether the debt cap is raised.
The Treasury has already reached the $14.29 trillion legal borrowing limit and has warned that the ceiling has to be raised by Aug. 2 to avoid a possible default. But in a May letter to Geithner, Republicans accused the Treasury secretary of “conflating” the deadline with outright default. The lawmakers said the government should instead prioritize payments, making debt obligations ahead of other spending programs or payments to vendors and contractors.
Sen. Rob Portman (R., Ohio), a former White House budget director, said that in any given year there’s enough federal revenue to cover the government’s debt service payments. “This is not so much a question of default as whether we’re going to use this opportunity to get our fiscal house in order,” Mr. Portman said.
Sen. Ron Johnson (R., Wisc.), who wrote a separate letter to the Obama administration, said the administration was acting irresponsibly by not developing a contingency plan in case Congress fails to raise the limit. The first-term senator said that 2012 revenues would be more than enough to cover interest on the debt, as well as Social Security, and essential defense, security, health and safety spending. “It doesn’t have to be a crisis if we plan for it,” Johnson said Wednesday on Fox News.
Senator Jim DeMint said voting for a debt ceiling increase is the most toxic vote a Republican can cast. I believe that. How separated from reality do Republicans have to be, to believe they can raise the spending limit one more time, and we will look the other way?
“I’ve only worked in public service. I live for this work. It’s the only thing I’ve ever done, I believe in it,” Geithner said. “We have a lot of challenges as a country, and I’m going to be doing it for the foreseeable future.”
I’d like to know what God-fearing, liberty-loving Americans did to deserve Tim Geitner. I have the answer: some of us thought we were Democrats, and we voted accordingly. Perhaps today, those Democrats recognize there is nothing democratic, as defined by our Constitution, about the Obama administration.
General Electric’s Jeffrey Immelt, who engineered $40 MILLION in stimulus grants for GE (not including more bounty from Obama’s green initiatives), was appointed to Obama’s impotent jobs council, and is known as the Outsourcing King, is being discussed as a successor for Geithner. Immelt has called for a second stimulus, even though it is clear the $787 BILLION in redistributed taxpayer wealth did nothing to stimulate with economy. Today Alan Greenspan said the stimulus didn’t work in any way, except in weakening the U.S. dollar. Our country is run by Fools. Read more about the Fed and their monetary position today in Irrational Exuberance.