Posted on 11/30/2012 3:28:06 AM PST by tobyhill
Nobody on Capitol Hill likes raising the debt ceiling.
But now Treasury Secretary Timothy Geithner wants to end the practice.
Forever.
GOP aides say that in talks with congressional leaders on Capitol Hill on Thursday, Geithner proposed a “permanent” increase in the debt ceiling — meaning changing the law so that Congress no longer has to approve an increase in the statutory borrowing cap, which has been in place since 1917.
He hinted at it in an interview with Bloomberg News a few weeks ago. But the fact that Geithner is proposing giving the administration such authority behind the scenes adds a new dimension to the idea.
The need for a separate vote on spending, and then the borrowing cap, is somewhat unique to the United States. “The United States is unusual among the countries we reviewed in using the authorization of additional borrowing authority as an occasion to draw attention to past fiscal policy decision,” the Government Accountability Office noted in a 2011 report.
(Excerpt) Read more at politico.com ...
Dammit.
You beat me by five minutes.
F**K YOU TED!
Sheriff of Nottingham Timmy Gee has never understood Checks and Balances.
I think you are exactly right.
If the ceiling is removed to allow infinite spending, the government will find a way to reach infinity...
If the Dems ever control both houses of Congress again it will happen faster than you can say Walking Around Money
This has been done by tyrants before. The colonial legislatures frequently used to reign in the royal governors and the courts by withholding their pay and their funding. Then the King made there compensations come directly from Parliament, leaving the assemblies with very little power or leverage.
So we removed the king. And the lower, more numerous houses of the legislatures always held the monetary power.
That would be an invitation to stage a "wag the dog".
No increase unless Congress approves.
Regardless of the credit card limit, you reach your real limit when the monthly payments exceed your income.
We are long past the point of no return.
The sooner the global economy collapses and the bloodshed begins, the sooner the survivors can start rebuilding.
FUTG. This idea should be DOA ! That a-hole should be in prison and IMHO, part of those responsible for the 2008 crash.
Honestly they might as well. It’s not like the debt ceiling has accomplished anything. Hasn’t slowed spending, hasn’t spawned fiscal responsibility, all it’s done is make them increase it every couple of years. For all intents and purposes it doesn’t exist, they might as well make it official.
might as well. It would make it easier on the Republican’s asses. The Democrats would not have to ream them as often. And the Democrats get what they want everytime anyhow.
I did look up the phrase, thanks for the suggestion. It sounds more like Overton death or “Door In the Face” negotiation tactics you are describing though.
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