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Timothy Geithner: Eliminate The Debt Ceiling

Meanwhile, we have this report from CNS News:

Treasury Secretary Geithner: Lift Debt Limit to Infinity

By Elizabeth Harrington | November 19, 2012

(CNSNews.com) – 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.”

Mr. Geithner is woefully uninformed. Sen. Obama, Joe Biden, Harry Reid, John Kerry, and Nancy Pelosi and James Clyburn and most of the Congressional Democrats voted against raising the debt limit back in March 2006. They wanted to keep President Bush from being able to fund our troops in the field, so that we would have to surrender in Iraq.

Of course, Harry Reid pretended that he was just worried about owing money to foreigners. “Why is it right to increase our nation’s dependence on foreign creditors?” Reid said on March 16, 2006. “Democrats won’t be making an argument to support this legalization, which will weaken our country.”

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.” …

And why not? Why doesn’t everyone just go into debt up to their eyeballs?

Moody’s and Standard and Poor’s and Fitch won’t mind. Nor will any US bondholders.

This article was posted by Steve on Tuesday, November 20th, 2012. Comments are currently closed.

3 Responses to “Timothy Geithner: Eliminate The Debt Ceiling”

  1. Rusty Shackleford says:

    If I recall correctly, one of the reasons Rome fell so ignominiously is because of the desire to keep raising taxes to simply allow the elites to live lives of grandeur as well as pay for ever-more-expensive infrastructure. Everyone demanded more. And the “leadership” of Rome could find no other way to get it than to confiscate more wealth.

    Eventually, they couldn’t even afford to pay for an army and Rome got sacked…twice.

    Priorities, people. Priorities.

  2. GetBackJack says:

    Of course Geitner sees no problem with Endless Debt.


    Now, since damn few will understand the Deposit Trust’s underlying raison d’etre … let’s read a little shall we?


    No wonder Sandy took a “hard left”

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