Treasury Secretary Geithner: Lift Debt Limit to Infinity

[The New Fury]

http://cnsnews.com/news/article/treasury-secretary-geithner-lift-debt-limit-infinity

[Origanalist]

Video at link

(CNSNews.com) - Treasury Secretary Timothy Geithner said Friday that Congress should stop placing legal limits on the amount of money the government can borrow and effectively lift the debt limit to infinity.

On Bloomberg TV, “Political Capital” host Al Hunt asked Geithner if he believes “we ought to just eliminate the debt ceiling.”

“Oh, absolutely,” Geithner said.

“You do? Will you propose that?” Hunt asked.



“Well, this is something only Congress can solve,” Geithner said. “Congress put it on itself. We've had 100 years of experience with it, and I think only once--last summer--did people decide to use it to threaten default on the American credit for the first time in history as a tool for political advantage. And that’s not a tenable strategy.”

Hunt then asked: “Is now the time to eliminate it?”

“It would have been time a long time ago to eliminate it,” Geithner said. “The sooner the better.”

Geithner’s Treasury Department quietly warned at the end of October that the Treasury would reach current legal limit on the federal government's debt by about the end of the year.

In August 2011, President Barack Obama and Congress agreed to lift the legal debt limit by another $2.4 trillion--allowing the government to borrow up to $16.394 trillion. However, as of the close of business on Thursday, the Treasury had only $154.3 billion of that $2.4 trillion in new borrowing authority left.

Senate Majority Leader Harry Reid (D-Nev.) said last week that the Senate stands ready to increase the debt limit by another $2.4 trillion. “If it has to be raised, we’ll raise it,” Reid said.

http://cnsnews.com/news/article/treasury-secretary-geithner-lift-debt-limit-infinity

[Origanalist]

Beat me to it. I'm sure mine will be here shortly.

[Origanalist]

This country is now officially insane.

[ghengis86]

Then why collect taxes of any kind?

[torchbearer]

how about we just have the fed reserve increase the money supply by a billion dollars a day, and they just give that newly created money to the treasury so the president can just spend it directly. you know, since earmarks are bad and endless debt is good.

[Origanalist]

how about we just have the fed reserve increase the money supply by a billion dollars a day, and they just give that newly created money to the treasury so the president can just spend it directly. you know, since earmarks are bad and endless debt is good.

Really, dam that Ron Paul and all his earmarks......

[specsaregood]

how about we just have the fed reserve increase the money supply by a billion dollars a day, and they just give that newly created money to the treasury so the president can just spend it directly. you know, since earmarks are bad and endless debt is good.

I don't believe for a second that if the congress refused to raise the debt ceiling that it would make 1 damn bit of difference in spending. Obama would just order it done, and it would be done.

[torchbearer]

I don't believe for a second that if the congress refused to raise the debt ceiling that it would make 1 damn bit of difference in spending. Obama would just order it done, and it would be done.

I agree, the whole debt limit is an illusion. Congress as a legislative branch with enumerated powers is an illusion.
the psychopathic authoritarians have two jobs, one is to act and play a role in a narrative as to appear to the public through the media as being legit.
the other is to rob the people of as much money as possible for their personal gain.

[Origanalist]

I don't believe for a second that if the congress refused to raise the debt ceiling that it would make 1 damn bit of difference in spending. Obama would just order it done, and it would be done.

They could at least try.........

[specsaregood]

They could at least try.........
yes, well that would at least be entertaining for awhile. imagine the hand wringing.

http://kickthis.typepad.com/.a/6a0115707beb82970b0133ecc2b2cd970b-800wi

[Origanalist]

yes, well that would at least be entertaining for awhile. imagine the hand wringing.

http://kickthis.typepad.com/.a/6a0115707beb82970b0133ecc2b2cd970b-800wi

I don't have to, having witnessed it so many times. Ackkk (coughs up hairball)

[CaptUSA]

Why am I thinking of this?

http://toonbarn.com/wordpress/wp-content/uploads/2011/09/Mattel-brings-Pixars-Toy-Story-Space-Mission-To-Infinity-and-Beyond.jpg

[seraphson]

“Well, this is something only Congress can solve,” Geithner said.

You bet your ass it is. They do it by repealing the Fed Reserve Act. Simple. Also, when the ceiling is removed may we for ONCE and all stop calling it a f^%king ceiling?! Before it was the ceiling of an elevator and now it'll be that of a damn rocket ship.

[matt0611]

Then why collect taxes of any kind?

Good question, infinite QE, infinite debt ceiling, who needs taxes anyway? Just borrow and print.

[CaptUSA]

Merge threads?
http://www.ronpaulforums.com/showthread.php?396190-Treasury-Secretary-Geithner-Lift-Debt-Limit-to-Infinity&p=4741474#post4741474

[Origanalist]

Merge threads?
http://www.ronpaulforums.com/showthread.php?396190-Treasury-Secretary-Geithner-Lift-Debt-Limit-to-Infinity&p=4741474#post4741474

Sometimes it takes them a while, but they probably will.

[Dr.3D]

Good question, infinite QE, infinite debt ceiling, who needs taxes anyway? Just borrow and print.
Might even help the economy with everybody having more money to spend. ;)

[jbauer]

That would be great. No need to care about the dollar!! Free money for everyone!!! I think I need a green suit like that guy had for his "free money" infomercials

[BAllen]

And why bother billing the patients? Health care is free now. Just tell the drs. to charge it to the fed. They'll pay it, I'm sure.

[RonPaul25]

what an idiot

[CaptUSA]

http://static.guim.co.uk/sys-images/Guardian/Pix/pictures/2009/1/16/1232135081033/Gallery-pixar-Toy-Story-001.jpg
"To Infinity and Beyond!"

"HA!! You think that's going to make things better?!!"



(anyone want to put Geitner and Paul's faces in that pic?)

[puppetmaster]

Then why collect taxes of any kind? sums it up nicely.