Treasury Secretary Geithner: Lift Debt Limit to Infinity

[Rebel]

(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

This is why you don't put dumbass Dims in charge of your economy.

[DLR Pyro]

before proposing an assinine idea like an no debt limit, how about proposing that congress does it's job and produce a budget and then force them and the prezzy to stick to it?

[thundley4]

before proposing an assinine idea like an no debt limit, how about proposing that congress does it's job and produce a budget and then force them and the prezzy to stick to it?

With all this talk about the fiscal cliff, I haven't heard squat about the DemonRats failure to pass one for over three years.   If I was a conservative congresscritter I'd mention that every time I talked to the press.

I'm beginning to think the republicans like the idea of not having to have a budget when they get back in charge.  Little do they realize that the MSM will shred them for doing what the Dems have done.

[DefiantSix]

With all this talk about the fiscal cliff, I haven't heard squat about the DemonRats failure to pass one for over three years.   If I was a conservative congresscritter I'd mention that every time I talked to the press.

Who says they aren't?  They very well could be, but because it isn't sufficiently back biting of the Rethuglikkkan leadership and divisive to the Rethuglikkkan party in general, it isn't even making it to soundbites.

I'm beginning to think the republicans like the idea of not having to have a budget when they get back in charge.  Little do they realize that the MSM will shred them for doing what the Dems have done.

I'm sure the Rethuglikkkan leadership (AKA:Dhimmi'Rat Lite) is thinking EXACTLY this.

[thundley4]

Someone with some photoshop skills need to combine Geithner and Buzz Lightyear.

To Infinity and Beyond!

[Undies]

Re: Treasury Secretary Geithner: Lift Debt Limit to Infinity

It already has been.  What would you call it since there is no limits on revisiting the set limit?

[Eupher]

It already has been.  What would you call it since there is no limits on revisiting the set limit?

The only criterion in raising the debt limit is to make sure that it's done a year or more out before the congressional elections.