[InterceptPoint]

U.S. Treasury debt is as safe as it was before a Standard & Poor's rating downgrade of the United States and Congress' "damaging" debate over raising the country's debt limit, Treasury Secretary Timothy Geithner said on Sunday.

Well the market for Treasuries will answer the question of the safety of American debt. Realistically, with the turmoil currently ongoing in Europe. U.S. Treasuries look pretty good - so I think Geitner is right. (The Broken Clock Principle at work.)

But he is only right in the short run unless a miracle happens and Congress actual decides to do something about the entitlement programs before they go belly up. That's not likely since demagouging the GOP on Medicare is the only strategy the Dims have for 2012.

[tobyhill]

Ole Timmy is wearing rose-colored glasses. It only is going to get worse from here as no one wants to buy our debt.