Posted on 08/04/2010 7:58:30 PM PDT by NormsRevenge
WASHINGTON (Reuters) – The Bush administration's "misguided" policies are to blame for huge U.S. budget deficits, Treasury Secretary Timothy Geithner charged on Wednesday as he sought to build an election-year case for ending tax cuts for the wealthiest Americans.
With congressional elections looming in November, Geithner sought to regain the high ground on the issue of who bears responsibility for record budget gaps and to counter Republican labeling of Democrats as tax-and-spend, bailout-happy liberals.
Geithner said extending the Bush-era tax cuts for top income earners, as Republicans want, would force more borrowing to cover lost revenues and crimp more-effective remedies for boosting economic growth and hiring.
"Borrowing to finance tax cuts for the top 2 percent would be a $700 billion fiscal mistake," Geithner said. "It's not the prescription the economy needs now, and the country can't afford it."
With the economic recovery showing signs of slowing and unemployment at a lofty 9.5 percent, President Barack Obama's popularity has taken a heavy hit and Democrats on Capitol Hill are at risk of losing their majorities in the Senate and the House of Representatives.
The U.S. budget gap, which hit a record $1.41 trillion in fiscal 2009 and is poised to grow wider this year, has unnerved many Americans. A recent Kaiser Family Foundation poll found that 44 percent of registered voters rank the deficit as an extremely important issue in deciding how to vote.
(Excerpt) Read more at news.yahoo.com ...
Lie.
Geithner has no earthly clue what he’s talking about.
And he’s the best Obama can come up with.
Is this guy a child that he can’t take responsibility for his actions?
In other news, Cher complained about show business folks who get plastic surgery...and Lady Gaga griped about publicity whores.
So he’s really blasting his former boss, the Bush Treasury Secretary who was a huge Democrat and was the former head of Goldman Sachs, Henry Sachs?
700 billion dollars of what was supposed to be loans versus 1.5 trillion+ of unexplainable new debt, not expected to ever be repaid?
Both were wrong, but man, 0bama and kin are freaking stupid.
[Lying tax cheat Tim] Geithner blasts Bush policies for debt
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[Lying tax cheat Tim]
I didn’t put that there .. but it fits to a T C .. Tax Cheat. ThX! :-)
Sorry, Henry “Paulson”. Left my edits out there.
I bet a Mod did it ;)
BTW, does anyone here know if he's still trying to sell that house in Larchmont? Is it under water too?
balh blah
lol!
lulz, Geithner busting Bush policies like he knows something and yet, the taxcheatIDIOT could not figure out how to use TurboTax....irony.... =.=
And we should take heed and listen to the rants of a criminal?
Just shameful. What a bunch of losers.
I wonder how Tax Cheat Timmy and Bozo the Bamster can explain a 30%+ INCREASE in Federal Tax Receipts from 2003 to 2008 with the Bush Tax Rate Cuts in place?
It's spending Timmy, not Taxes...
Stop spending and then we will believe you need more revenue. The Senate just passed another $26 billion “stimulus” to save teachers jobs. They are not saving anything, just propping up inefficiency and the inevitable crash at the state level. It is all about the midterms.
You mean Timothy Geithner, the NY Fed Chairman during the financial crisis? We should call him ‘the arsonist’.
Quick! Hide the matches!
Saving Union Jobs.. The REal Priority #1
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