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The Spectacle Blog
President Obama can’t be happy with Treasury secretary Tim Geithner’s response to Sen. Jeff Sessions here:
Geithner starts out by calling the interest on the debt an “excessively high” burden and admitting it’s “unsustainable.” But he doesn’t stop there: “with the president’s plan, even if Congress were to enact it, and even if Congress were to hold to it…we would still be left with a very high interest burden and unsustainable obligations over time.” He says this with an oddly gleeful smirk. And then he plunges right into outright abdication of responsibility, saying “we’ll see…whether people can find the political will here [in Congress] to go deeper.”
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More Blog Posts by Joseph Lawler
http://spectator.org/blog/2011/02/17/geithner-on-the-debt-well-let
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Dixie Pixie| 2.17.11 @ 7:15PM
The most chilling words a driver can utter is "Well that is it, we all are going to die".
For a central banker to state the current monetary policy is "unsustainable" is to admit a crash is inevitable, unavoidable and soon.
Pete| 2.17.11 @ 7:41PM
So he admits it is unsustainable, but seems to fall back on "well, we don't have any other plan?" Mind-boggling. So we are back to the same old question now with this administration: Are they out to destroy the country, woefully incompetent, or both?
Intelligent Design| 2.17.11 @ 8:18PM
Yesterday it was revealed that Obama's budget does not include interest expense on the debt. Hey, it's just a few hundred billion per year. Oversight?! Or maybe some genius thinks it's not real money. Maybe Obama thinks interest on loans can be capitalized and not shown as an outlay?
And today:
http://www.cnbc.com/id/41644746
Obama's budget assumes that federal tax revenues will grow at the same rate as Apple's sales over the next 5 years -- about 65%. Obama resides in Fantasyland. This key budget assumption is totally absurd.
Stan Redmond| 2.18.11 @ 9:55AM
If you inflate the money supply at 65% he might pull this off. Then we'll all be millionaires!!!
Patty| 2.17.11 @ 10:11PM
Geithner's a tax cheat and should be in jail.
Liar Liar| 2.17.11 @ 11:39PM
This guy is under oath? Liar, Liar.
Booger | 2.18.11 @ 12:58AM
Timmy told the truth. I hope he's made some good investments in kevlar, as I cannot imagine that the Big O is happy with him for this one.
David| 2.18.11 @ 7:03AM
If Geitner had been allowed to finish, he was admitting that Obama has submitted a bogus, tongue-in-cheek budget and Obama does not have the guts to submit a sustainable budget.
martin j smith| 2.18.11 @ 8:01AM
GEITHNER DOES NOT WANT TO BE THE ONE THROWN UNDER THE BUS FIRST. HE SAID ENOUGH.
Geithner should be investigated along with Obama's whole administration. No wonder the Socialist Democrat Party is investigating Issa !!!!!!!!!!
I will be there is a lot of juicy stuff. And here is what I suspect:
There is so much dirt that connects so many points in the US and overseas that Obama would be forced to resign along with his entire government and will require new elections. Possibly before 2012. It all depends on the facts on the ground and how soon they are uncovered!!!!!!!!!!!!!