Geithner: Spending hikes are short-term; will end

AP on Yahoo ^ | 3/12/09 | Jim Kuhnhenn - ap

[NormsRevenge]

WASHINGTON – President Barack Obama's ambitious new budget faced bipartisan skepticism Thursday as key senators questioned the administration's long-term budget outlook and the deficits it envisions rising in the middle of the next decade.

Treasury Secretary Timothy Geithner defended it in testimony before the Senate Budget Committee, saying current increases in spending are short term and will have to be substantially reduced to get the country back into fiscal shape.

Still, the Democratic chairman of the Budget Committee, Kent Conrad of North Dakota, called the track of future deficits "unsustainable" and singled out Obama's proposal for spending $634 billion on health care over the next 10 years.

"Some of us have a real pause about the notion of putting substantially more money into the health care system when we've already got a bloated system," he said.

[ErnBatavia]

Some of us have a real pause about the notion

But not nearly 'enough of us'...

[caver]

“Spending hikes are short-term; will end”

The spending hikes will end after we are all broke.

[Las Vegas Ron]

Uh huh

[rabscuttle385]

The spending hikes will end after we are all broke.

...or the Lord Obama is impeached and removed from office.

[albie]

“we’ve already got a bloated system”

...not nearly bloated enough apparently!

[NormsRevenge]

U.S. Treasury Secretary Timothy Geithner listens to questions as he testifies before the Senate Budget Committee on "The President's FY2010 Budget and Revenue Proposals" on Capitol Hill in Washington, March 12, 2009. REUTERS/Jim Young

[b4its2late]

When the tax revenue dries up.

[GeronL]

does anyone believe that Obama plans to decrease his spending while in office? $4 trillion budget for next year and a lot of that is deficit, anyone think his budget after that will be less?

[Kansas58]

States: “Accept this money or else!” Says Geitner

Of course, if States accept the money, they will have to fund the “out years” by themselves!

[KeyLargo]

March 12, 2009

CHICAGO

BY MICHAEL SNEED Sun-Times Columnist

It’s scary!

Sneed is told the daily average of mortgage foreclosure filings in Cook County has surged 72 percent since President Obama took office!

• • To wit: “If present trends continue, Cook County is projected to be hit by more than 50,000 new mortgage foreclosure cases by year’s end,” Circuit Court Clerk Dorothy Brown tells Sneed.

• • The kicker: “Prior to President Obama’s inauguration, the daily foreclosure filings were 161 cases per day. Now, it’s up to 277 cases per day,” Brown said.

• • The shocker: Brown fears the foreclosure spike, which has also risen since announcement of Obama’s anti-foreclosure plan, may be causing some “banks benefitting from bailout funds to rush troubled homeowners into foreclosure — rather than helping them restructure home loans.”

• • Protect ‘em: “We are the second largest county in the United States,” Brown said. “Our government needs to be aware of what is occurring with mortgage foreclosures here on ‘Main Street.’ Banks have to be held accountable for the money received from the bailout and fulfill their role in helping to protect struggling homeowners.”

• • Hold ‘em: Watch for Brown to hold a news conference at 11 a.m. today at the Daley Center to discuss the shocking statistics and suspect banking practices.

[Houghton M.]

Indeed, I suppose they will end—when we are totally bankrupted and the whole world knows we are totally bankrupted, then, I imagine, the spending hikes will end.

Is this Geithner fellow brilliant or what?

[Psycho_Bunny]

Shite’de la bull.

[freekitty]

Is this a joke?

[avacado]

"Treasury Secretary Timothy Geithner defended it in testimony before the Senate Budget Committee, saying current increases in spending are short term and will have to be substantially reduced to get the country back into fiscal shape."

Dear Little Timmy Turbo,

Entitlement programs grow and balloon in size and costs. They do not "reduce" themselves.

[Senator_Blutarski]

“Spending hikes are short-term; will end”

In other news, swamp land and bridge sales are up in 2009.

[Roccus]

"...saying current increases in spending are short term and will have to be substantially reduced to get the country back into fiscal shape."

REDUCTION WILL NEVER HAPPEN!!

[SuziQ]

Treasury Secretary Timothy Geithner defended it in testimony before the Senate Budget Committee, saying current increases in spending are short term and will have to be substantially reduced to get the country back into fiscal shape.

Democrats, or Republicans, as far as I know, have NEVER reduced any spending they put into place.

[jakota]

Every time Geithner speaks I have an urge to bust my TV. He reminds me of the arrogant punk down the street who’s dad bought him a Corvette and he flaunts it like he’s god. I think I’m getting sick just thinking about this guy.

[TenthAmendmentChampion]

Cities’ Plans to Swap Cash for Stimulus Are Stopped
http://www.freerepublic.com/focus/f-news/2205147/posts

Suppose the federal government gave you and your neighbor $500 each to buy a new bike, but what you really wanted was a $250 shopping spree for running gear instead. So you offered to sell your $500 federal check to your neighbor for $250 in cash so everyone’s dreams could be realized.

That is essentially what several cities in Los Angeles County planned to do with federal stimulus money, until the local transportation authority, its face slightly reddened, pulled the plug on the plans. A spokeswoman in Washington for the House Committee on Transportation and Infrastructure said Wednesday that the swaps would be illegal.