Posted on 07/18/2011 8:12:27 AM PDT by EBH
Treasury Secretary Tim Geithner told CNBC Monday that he is certain that congressional leaders will strike a deal to raise the federal debt ceiling prior to the Aug. 2 deadline to avoid default.
"Each side has said definitively that default is not an option," he said, "They're not going to play around with this."
"If the United States of America were to default it would be catastrophic for the American economy, for the American financial system, for the average American people, it would be a substantial unfair tax on all Americans and it would bring the world economy ... to the edge of recession again," he said. "There's no alternative for Congress raising the debt limit and that's why you're seeing Republicans as well recognize that reality and take default off the table."
(Excerpt) Read more at finance.yahoo.com ...
The only thing that could take the market down further would be a presser by Obama or Bernanke. Surely these people know they have no credibility on Wall St. or Main St.
I saw this and the old tax cheat is lying again. The GOP already rejected Obammy’s little deadline.
BOHICA!
Timmy is putting pressure on the Reps to cave.
Or, let's hope he's playing ignorant. What if he really is ignorant!
Translation: “Either give us another credit card or we will not send out government checks.”
“Each side has said definitively that default is not an option,”
Meaning they’ll pass legislation requiring him to pay the debt interest with the excess funds?
Gee, he nust be disappointed that he can’t mis-spend the funds and default as he had planned.
They own the press, they frame the issues.
NOBODY has been advocating DEFAULT. EVERYONE involved knows that need not happen, including the Treas Secretary.
He is a demagogue, acting as the enemy, courting the rest of the voting public as his allies against the Republicans.
A free press is also necessary for a free people, and if we all agree that we’ve lost the free press (and they’re taking Murdoch down right now) then perhaps all the other issues are lagging indicators of the failed republic.
It was this morning on the radio before Beck...I heard the most interesting comparison. 7 months ago 0bama was recommending and supporting tax cuts for 2 more years. The business person noted that this constant flip flopping over taxes is hurting SMALL business.
The market is down because the EU is dissolving.
The US debt ceiling is being HANDLED WRONG.
Boehner goes in and asks “how much do you need to get to Feb 2013, so there is no revisiting it with a lame duck Congress”?
He gets a number and they are marching with it.
This is THE WRONG PROCEDURE.
The correct procedure is “Here is $500 billion dollars. It lasts you 5 months. At 5 months, and no sooner, you get another $500 billion dollars. This rate of authority cuts the deficit $300 billion in FY2012 to 1.1T, and we’ll continue doing this with smaller 5 month increments each year to effect cuts of 300B per year and be at zero deficit in 4 years. Appropriations bills? We’ll make them fit, don’t worry about that. You just make sure you stretch 500B out 5 months. If you can’t manage things on $500B for five months, then we will declare you incompetent and elect someone who can.”
Who believes anything these people say?!
It is always a ‘crisis’ to hear them tell it just to get more spending!
He's an idiot but not ignorant. They are playing this game on purpose. This is hardball. We KNOW that HE KNOWS it is a lie.
And so then given that, ask yourself what kind of game he's in with Obama.
Government is being run by jackasses.
Expect your kids to end up in jail, they will.
Expect success, they will surprise.
Same with politicians. We expect so little from these liars that nobody respectable wants to run.
The debate over the debt ceiling moves Monday from the backrooms of the White House to the halls of Congress, as the House and Senate take up dueling measures to grapple with the problem.
Though the White House says the president still wants a “big” deficit-reduction deal linked to a debt-ceiling increase, a solid week of bipartisan talks yielded nothing close to a compromise — leaving members of Congress instead moving on to a couple of risky proposals.
House Republicans will act first, pushing their “cut, cap and balance” plan at a committee hearing late Monday afternoon. That plan would cut spending immediately and cap future spending as a percentage of GDP, while requiring Congress to pass a balanced-budget amendment as a condition for raising the debt ceiling by $2.4 trillion.
Democrats, though, roundly oppose that proposal and insisted Sunday that it will die in the Senate.
As an alternative, Senate Republican and Democratic leaders are polishing a fallback plan that would allow President Obama to win an incremental and immediate debt-ceiling increase, while effectively requiring a two-thirds majority vote in Congress to stop him. It could be accompanied by more moderate spending cuts and the creation of a new commission to target future deficit reduction.
Congressional leaders describe it as a last-ditch effort to steer the country away from default, though one looking increasingly more viable as efforts to craft a bipartisan compromise run into partisan disagreement.
However, congressional conservatives are voicing their displeasure with the fallback and some say they will try to torpedo it should it come to fruition on the floor. Rep. Jim Jordan, R-Ohio, head of the conservative Republican Study Committee, said Sunday that his colleagues will oppose it.
“It’s abdicating our responsibility,” Rep. Michael Grimm, R-N.Y., told Fox News, without saying how he might vote on the measure if it’s the only option. Grimm is among the House Republicans pushing the cut, cap and balance plan as the way to rein in the debt and deficit.
“We cannot just continue to spend money we don’t have,” Grimm said Monday. He said that if the country manages to avoid default by raising the debt ceiling, the U.S. still faces that prospect down the road if it doesn’t cut spending since a future credit downgrade could make it impossible for Washington to pay all its bills.
The guy is not smart, and is arrogant to boot. He said a couple of things that just had me scratching my head.
An ignorant electorate is the only way the crazed Democrats and the weak, effete, Republican elite can get their way. They must be stopped.
Power Play
Senate Throws Obama a Debt Lifeline
By Chris Stirewalt
Published July 18, 2011
| FoxNews.com
Senate Debt Deal Would Let Obama Put Political Pain on Installment Plan
“I think the McConnell plan is more of Washington not taking responsibility, it is a great political plan, it takes the pressure off all of the politicians, but allows us to pass a debt limit without making the hard choices that this country has to make.”
— Sen. Tom Coburn, R-Okla. on “Face the Nation”
Power Play feels obliged to remind everyone that the federal government is highly unlikely to default on its debts.
The catastrophic consequences of the U.S. government reneging on existing obligations would be so dire that no serious person would consider it. President Obama may use the threat of default as part of his ongoing negotiation with Republicans over his request to increase the government’s $14.3 trillion borrowing limit, but only a madman would actually follow through on such a course.
Senate Debt Deal Would Let Obama Put Political Pain on Installment Plan
“I think the McConnell plan is more of Washington not taking responsibility, it is a great political plan, it takes the pressure off all of the politicians, but allows us to pass a debt limit without making the hard choices that this country has to make.”
— Sen. Tom Coburn, R-Okla. on “Face the Nation”
Power Play feels obliged to remind everyone that the federal government is highly unlikely to default on its debts.
The catastrophic consequences of the U.S. government reneging on existing obligations would be so dire that no serious person would consider it. President Obama may use the threat of default as part of his ongoing negotiation with Republicans over his request to increase the government’s $14.3 trillion borrowing limit, but only a madman would actually follow through on such a course.
http://www.foxnews.com/politics/2011/07/18/senate-throws-obama-debt-lifeline/#ixzz1STCbnrm8
Is there a tax to date that is forced upon us which IS fair?
These people need to go!
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