Good old geithner at it again, seems the only solutions he has is to keep on spending!!!!
Here we are closing in on debt ceiling once again, the answer to the problem, raise it for a 6th fucking time in four years. Don't any of you fools comprehend what is going on, they have no fucking answers to the problem, the only answers they have is to increase the debt limit and borrow more. How could anyone possibly think the economy is heading in the right direction when all they do is spend trillions and raise the debt ceiling every single year!!!! I don't comprehend how the system works when it sits under conditions such as these. What they are doing is raising the debt ceiling so that they can just borrow more money to prop up the economy and spend it on more useless programs that we can no longer afford!!!!
How about instead of raising the debt ceiling they cut spending, OHHHH I forgot, that's not going to happen because if it did the economy would go into another collapse because the only thing left for this economy to sustain itself is worthless trillions being pumped out by Bubble ben bernanke and friends!!!!!
Is it called a CEILING for a reason? Anyone know of a ceiling that gets raised on a regular basis.....
So does anyone really believe they will let this debt default, Fuck no they wont, they will raise the debt ceiling once again just like they have done the last 5 times. Where is the lesson being learned, this isn't the way economics 101 is taught. Everything they are doing is completely wrong, this credit crisis is here today because of the methods used to get out of past recessions didnt work and the same thing is happening now with this crisis, everyone is made to believe all this spending is working but in reality its just creating another crisis.
* JANUARY 6, 2011, 11:00 A.M. ET
UPDATE: Geithner Urges Congress To Raise US Debt Limit
By Meena Thiruvengadam and Jeffrey Sparshott
Of DOW JONES NEWSWIRES
WASHINGTON -(Dow Jones)- As the U.S. approaches its debt limit of nearly $14.3 trillion, Treasury Secretary Timothy Geithner is pushing lawmakers to lift that ceiling for the sixth time in less than four years.
Failure to raise the debt limit could "precipitate a default by the United States," Geithner said in a letter to lawmakers Thursday. A U.S. default could have catastrophic economic consequences potentially more harmful than the financial crisis was in 2008 and 2009, he wrote.
Lawmakers last increased the debt ceiling almost a year ago. But by Monday, the federal debt subject to that ceiling stood at around $13.95 trillion, giving the government just $355 billion before it would be legally prohibited from borrowing to pay its financial obligations.
The government is expected to hit its debt ceiling during the second quarter of this year, and Geithner is pushing for Congress to approve a debt-ceiling increase in the first quarter.
In his letter, he said deep spending cuts would only delay reaching the ceiling by no more than two weeks.
A Treasury official said that, despite the ongoing debate over the ceiling, the administration expects Congress to do "the responsible thing," as it has in the past. "Our view is that it needs to get done, it will get done," the official said.
Failure to raise the U.S. debt ceiling could cast doubt on the U.S. government's ability to meet its obligations and send shockwaves through the bond market.
"Default would have prolonged and far-reaching negative consequences on the safe-haven status of Treasurys and the dollar's dominant role in the international financial system," Geithner said in his letter.
A Treasury official described the request for the increase as routine but, with a more heavily Republican congress this year, it has become a more politically charged issue.
Many conservative candidates ran election campaigns criticizing their opponents for voting to lift the debt ceiling last year, and promised to vote against another increase when federal borrowing hits the current cap. Their promises likely will be tested in the coming weeks. The U.S. House of Representatives agreed Wednesday to change voting procedures on increasing the nation's borrowing limit. The new policy means that lawmakers will be forced to go on record in support of raising government borrowing or vote "no" and risk putting the U.S. into default.
Previously, Congress had approved debt limits automatically as part of the budget resolution.
-By Meena Thiruvengadam, Dow Jones Newswires
Here we are closing in on debt ceiling once again, the answer to the problem, raise it for a 6th fucking time in four years. Don't any of you fools comprehend what is going on, they have no fucking answers to the problem, the only answers they have is to increase the debt limit and borrow more. How could anyone possibly think the economy is heading in the right direction when all they do is spend trillions and raise the debt ceiling every single year!!!! I don't comprehend how the system works when it sits under conditions such as these. What they are doing is raising the debt ceiling so that they can just borrow more money to prop up the economy and spend it on more useless programs that we can no longer afford!!!!
How about instead of raising the debt ceiling they cut spending, OHHHH I forgot, that's not going to happen because if it did the economy would go into another collapse because the only thing left for this economy to sustain itself is worthless trillions being pumped out by Bubble ben bernanke and friends!!!!!
Is it called a CEILING for a reason? Anyone know of a ceiling that gets raised on a regular basis.....
So does anyone really believe they will let this debt default, Fuck no they wont, they will raise the debt ceiling once again just like they have done the last 5 times. Where is the lesson being learned, this isn't the way economics 101 is taught. Everything they are doing is completely wrong, this credit crisis is here today because of the methods used to get out of past recessions didnt work and the same thing is happening now with this crisis, everyone is made to believe all this spending is working but in reality its just creating another crisis.
* JANUARY 6, 2011, 11:00 A.M. ET
UPDATE: Geithner Urges Congress To Raise US Debt Limit
By Meena Thiruvengadam and Jeffrey Sparshott
Of DOW JONES NEWSWIRES
WASHINGTON -(Dow Jones)- As the U.S. approaches its debt limit of nearly $14.3 trillion, Treasury Secretary Timothy Geithner is pushing lawmakers to lift that ceiling for the sixth time in less than four years.
Failure to raise the debt limit could "precipitate a default by the United States," Geithner said in a letter to lawmakers Thursday. A U.S. default could have catastrophic economic consequences potentially more harmful than the financial crisis was in 2008 and 2009, he wrote.
Lawmakers last increased the debt ceiling almost a year ago. But by Monday, the federal debt subject to that ceiling stood at around $13.95 trillion, giving the government just $355 billion before it would be legally prohibited from borrowing to pay its financial obligations.
The government is expected to hit its debt ceiling during the second quarter of this year, and Geithner is pushing for Congress to approve a debt-ceiling increase in the first quarter.
In his letter, he said deep spending cuts would only delay reaching the ceiling by no more than two weeks.
A Treasury official said that, despite the ongoing debate over the ceiling, the administration expects Congress to do "the responsible thing," as it has in the past. "Our view is that it needs to get done, it will get done," the official said.
Failure to raise the U.S. debt ceiling could cast doubt on the U.S. government's ability to meet its obligations and send shockwaves through the bond market.
"Default would have prolonged and far-reaching negative consequences on the safe-haven status of Treasurys and the dollar's dominant role in the international financial system," Geithner said in his letter.
A Treasury official described the request for the increase as routine but, with a more heavily Republican congress this year, it has become a more politically charged issue.
Many conservative candidates ran election campaigns criticizing their opponents for voting to lift the debt ceiling last year, and promised to vote against another increase when federal borrowing hits the current cap. Their promises likely will be tested in the coming weeks. The U.S. House of Representatives agreed Wednesday to change voting procedures on increasing the nation's borrowing limit. The new policy means that lawmakers will be forced to go on record in support of raising government borrowing or vote "no" and risk putting the U.S. into default.
Previously, Congress had approved debt limits automatically as part of the budget resolution.
-By Meena Thiruvengadam, Dow Jones Newswires
