Posted on 04/26/2011 1:09:21 PM PDT by Baladas
NEW YORK—New headwinds—most notably oil prices—confront the U.S. march to recovery, U.S. Treasury Secretary Timothy Geithner said Tuesday.
Unemployment, long a weak spot in the economy, remains "very high," and the economy feels "unfairly hard" to most Americans, Mr. Geithner said in comments that weighed on the dollar. He said oil prices at current levels, while challenging, weren't at levels that threaten to derail the recovery.
First, though, U.S. lawmakers must agree to increase the debt limit, something some politicians have said they will not do unless there is broad agreement on massive cuts to a bloated federal budget.
The U.S. has "unsustainable" budget deficits and the country faces no alternative but to cut, Mr. Geithner said to an audience at the Council on Foreign Relations. Political consensus has come around to this view, the Treasury secretary said, and despite some discussion to the contrary, politicians will agree to raise the debt cap, he said.
The debate on whether or not to increase the debt limit is "ridiculous" and "irresponsible," Mr. Geithner said.
(Excerpt) Read more at online.wsj.com ...
No. Raising the debt ceiling is irresponsible.
I think having a tax cheat responsible for running the IRS is irresponsible.
“No. Raising the debt ceiling is irresponsible.”
Exactly, as is failing to pay your taxes while at the same time supporting policy that raises the taxes of others.
>>> Geithner: Debt-Ceiling Debate Is ‘Irresponsible’ <<<<
No, giving the Left a free reign (free rein?) is ‘irresponsible’.
See Obama about his no drilling Policy. Bernake's Q2 and commodities prices.
Not raising the debt will lower those prices
It is all going to come down to what is more important, our nation or the political careers of some leftwing hacks posing as Republicans?
So the answer is to borrow more money? As if that's gonna work!
$4 gas won’t hurt the recovery?
He can only say this truthfully because there is no recovery.
Geithner: Debt-Ceiling Debate Is ‘Irresponsible’
Correction - Geithner Is ‘Irresponsible’
They are going to make a deal, probably a very bad one, and raise the debt “limit”. I don’t like it, but it is going to happen.
What I’d like to see is someone on our side say, “Okay, fine, you say we need this ONE more time. How much? And don’t come asking again next year. Y’all keep talking ten year plans and such, now it’s time to put “your” money where your mouth is. How much farther do we need to go in debt before we start turning things around?”
Of course, next year (if we made it that far), all would be forgotten and Timmy! would be telling us about how it’s irresponsible to pay your taxes, sorry, not to raise the debt ceiling (or should we call it the debt floor the way things are going).
So here’s what I really want. You want debt limit raised, you get a Constitutional Amendment passed which takes the debt limit out of the hands of Congress (without thinking too much about this, my instinct is require vote of 2/3s of State governors to approve any future increases). I know, that takes time, so maybe a small increase once the resolution is approved by Congress, with a promise of another increase after the States ratify.
what good is raising the debt ceiling if no one has any confidence in your bonds!!!!
would any sane person/company/country wanna buy US debt at this stage? it would be like giving crack to a junkie and expcting the junkie to pay you back.
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