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| Economy |
| Treasury Secretary Geithner: Lift Debt Limit to Infinity |
| 2012-11-20 |
| [CNS News] 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." Geithner's Treasury Department quietly warned at the end of October that the Treasury would reach current legal limit on the federal government's debt by about the end of the year. |
| Posted by:Fred |
| #9 airandee: yep. The markets, mainly foreign governments, would determine what our credit limit is. Ogabe will be peeved when he learns he isn't their dictator either. |
| Posted by: RandomJD 2012-11-20 21:06 |
| #8 http://www.youtube.com/watch?v=ejwrxGs_Y_I |
| Posted by: Uncle Phester 2012-11-20 14:37 |
| #7 Might as well. It isn't like the debt limit has been useful in stopping the spending. Instead of dying by a thousand cuts, let's just cut off the head. The end result will be the same. |
| Posted by: DarthVader 2012-11-20 11:19 |
| #6 Does not really matter. At some point in the debt growth chart there is a steep drop off. No one is sure if it is 18 trillion... 20 trillion???? But we all know the borrowing will stop quickly well before infinity. |
| Posted by: airandee 2012-11-20 10:00 |
| #5 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. Life imitating art. Grand Moff Tarkin: [walking in with Darth Vader] The Imperial Senate will no longer be of any concern to us. I have just received word that the Emperor has dissolved the Council permanently. The last remnants of the Old Republic have been swept away. |
| Posted by: Procopius2k 2012-11-20 08:26 |
| #4 There are still checks remaining in the checkbook....right ? |
| Posted by: Besoeker 2012-11-20 06:24 |
| #3 Dollar purchasing power would fall to gdp divided by infinity. |
| Posted by: Bright Pebbles 2012-11-20 04:02 |
| #2 The hypermassive Govt-centric Welfare-Nanny State of Amerikka + anti-US OWG-NWO MUST BE SAVED FROM AMERICA. |
| Posted by: JosephMendiola 2012-11-20 01:12 |
| #1 I'm not shocked, I tell ya, I'm not shocked! 'Tis unfortunately more evidencia that the "fiscal cliff" avoidance Confabs between the Bammer + opposition across the hall is about to SPSPEND SPEND SPEND, I.E. HOW TO EXPAND THE "FISCAL CLIFF", QE'S + DEFICITS, ETC. NOT REDUCE OR ELIMINATE THEM. SANTA KLAUS IN 2012 JUST L-O-V-E-S HIS GREECE + JAPAN-STYLE, ETAL. EXCESSIVELY HIGH DEBT-TO-GDP RATIOS. |
| Posted by: JosephMendiola 2012-11-20 01:10 |