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Geithner: ‘Obama Budget Unsustainable’

From yesterday’s Senate Budget Committee’s hearings on Mr. Obama’s ten year budget, via YouTube:

Geithner Admits: Obligations in President’s Budget "Unsustainable"

Sessions: Let’s talk, briefly, as my time is winding down, about our interest situation under your budget. The interest increases each year. It was in 187 billion in 2009. Under your proposal it increases to 844 billion — I don’t know if we have a chart here — and would you not agree that that is a stunning figure, perhaps the fastest growing item in it? And all of that is a direct result of the debt we’re running up and only a modest expectation of interest rate increases.

Geithner: Senator, absolutely. It is a excessively high interest burden. It’s unsustainable —

Sessions: Well it’s your plan, for the ten years. I mean, that’s the one the President has submitted. That’s what he’s asked us to vote on. It will result – and that is your numbers of your budget.

Geithner: Senator, you’re absolutely right. With the President’s plan, even if Congress were to enact it, and even if Congress were to hold to it, and reduce those deficits to 3% percent of GDP over the next five years, we would still be left with a very large interest burden and unsustainable obligations over time. That’s why we’re having the debate, I completely agree with you. But the question though is, just to be direct about it, what’s the alternative plan. And again, the way our system works, this is a good thing. You’re going to see, we’ll be able to see from this body, we’ll be able to see from the House, whether people can find the political will here to go deeper, and if you can find –

Sessions: But what your plan is, is that plan. It’s the one you’re required by law to submit, and that’s what you call for, and it’s not acceptable. I’m sorry. It’s not a plan for winning the future, but for losing the future…

So even the Secretary of the US Treasury and the de facto head of administration’s economic team admits that the budget Mr. Obama has just submitted is completely unsustainable.

So why even submit it? Isn’t submitting an unsustainable budget tantamount to dereliction of duty?

As Senator Sessions notes, so much for ‘winning the future.’

This article was posted by Steve on Friday, February 18th, 2011. Comments are currently closed.

6 Responses to “Geithner: ‘Obama Budget Unsustainable’”

  1. proreason says:

    Republicans need to begin asking why everything is a game for the Moron’s administration.

    – Why are bills passed in the dead of the night
    – Why are bills so long nobody can understand them
    – Why are budgets submitted that top officials admit are unrealistic
    – Why are so many unaccountable officials appointed
    – Why are so many important officials appointed as “recess” appointments
    – Why are bills not posted for the public to read
    – Why do agencies implement actions (i.e., the EPA) that have been rejected by Congress
    – Why were Republicans completely shut-out of so many processes when Dems had the majority
    – Why does the administration not implement the law equitably
    – Why does the administration interfere with the States actions (Arizona, Wisconsis)
    – Why do they call taxes by other names
    – Why all of the budget tricks
    – Why do administration officials refuse to testify in Congress

    and thousands more.

    The American people want representative government. “Parliamentary procedures” are one thing. We understand a certain amount of political maneuvering.

    This isn’t political maneurvering. It is outright fraud. This is how banana republics govern.

    • Rusty Shackleford says:

      Good list and it reinforces my conflicted thinking of “Is this a bunch of petulant children, or a grand scheme to undermine everything….Or is it a little (or a lot) of both?”

      Watching their actions daily, I am so often reminded of the high-school smart ass (Think David Letterman) who, although intelligent enough, has a propensity for picking on everyone and, added to that, a desire to manipulate people and see if he can get them to respond by providing various stimuli. All for their own personal delight.

      It’s no great stretch to say that the smart-ass comedian explosion of the 60’s and 70’s encouraged this type of behavior and now we may be seeing the end result in the type of people we have in government. Because….to be up on Carlin, Pryor, Cheech & Chong, Robin Williams was to be “cool” and to act like any of their straight, boring characters portrayed in their schtick was “uncool”.

      So there is a huge generation of smartasses out there like Holder, Axlerod, and the boy-who-would-be-king himself. More senior members of the group, like Pelosi and Reid never listened to the likes of Carlin and cannot master the deft art of “being a little shit” so they are given a pass because of their seniority and out-and-out evilness.

      I have no doubt that the younger socialists fear them as they have the real power but I’ll also bet they make fun of them behind their backs. Not that I’m complaining, but it’s noteworthy that the people of my generation generally have no respect for anything. Watching TV for eight hours a day has a tendency to reinforce that kind of thinking.

    • tranquil.night says:

      Well said Pro. This is no longer an issue of substantive policy disagreements, or sending the right symbolic messages through more bi-partisan parliamentary rules. This is singularly about arresting an out of control government and the criminals who’ve been running it. So far, Chris Christie is the only one who will address this challenge in a tone that somewhat approaches reality and necessity. For that, I completely understand why many are starting to believe he’s our only hope. It’s just sad that EVERYONE recognizes it in him, even many Democrats understand they have no answer to Christie’s style and simple focus/determination; yet there are specific efforts by our national leadership to avoid this particularly confrontational tone and effective messaging style.

      Everything is politics to the Demoncraps, and their politics are to defeat us and sink this country, it’s as simple as that. Our guys are never going to be genuinely ‘liked’ or curry favor with them unless to do so brings them an advantage. This obsession our guys continue to have with civility in process and substance is akin to falling in love with your hostage-taker, an analogy you’ve effectively used before Pro and I find it holds true in a lot of situations of spinelessness.

  2. Liberals Demise says:

    I wouldn’t offer a blind fold or cigarette to these treasonous rogues.

  3. Petra says:

    I think he’s one very powerful dude which makes him very scary – he has no love for this country…

    Timothy Geithner – Obama’s mother worked FOR the cartel one of which was Geithner’s father –

    VIDEO –
    Because of its secrecy and refusal to issue news releases, the group is frequently accused of political conspiracies. This outlook has been popular on both extremes of the ideological spectrum, even if they disagree on just what the group wants to do. Left-wingers accuse the Bilderberg group of promoting capitalist domination, while right-wingers accuse the group of trying to impose a “New World Order” in the form of a socialist one-world government.

    Power Grab: Bank for International Settlements
    Posted on 29 June 2009 http://www.augustforecast.com/2009/06/29/power-grab-bank-for-international-settlements/#

  4. Petra says:

    I posted the video site but forgot to post their site where Geithner was Chair (I think it’s where the money still goes after laundering though in the past it did the laundering) –

    Bank for International Settlements – bio.org

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