Treasury Secretary Tim Geithner Wants To Lift Debt Limit To Infinity

November 19, 2012 5:47 pmViews: 70

Treasury Secretary Tim Geithner being interviewed on Bloomberg TV's Political Capital had some astounding words about the debt ceiling just a few days ago. He actually thinks we should eliminate it making the debt limit effectively infinity. His ridiculous reasoning is that members of Congress used it for political advantage and that the credit markets should not have to face a threat like that.

Apparently Secretary Geithner thinks there should be zero constraints on government spending and that anyone bold enough in Congress to stand up and say, "Stop spending money we don't have!" is trying to gain some political advantage. What ever happened to sound reasoning? Any time Republicans even mention cutting spending or even reducing the pace of an increase in spending, democrats and apparently Mr Geithner must think they want to push grandma off a cliff.

Why is it completely off limits to talk about responsible fiscal principles any longer and insist we abide by some standard? Yes, we are heading for a steep fiscal cliff no doubt. read more from CNSNews below:

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.”

Well, isn't that pretty alarming, the sooner the better?  Does Treasury Secretary Geithner know something he ought to be telling the public? Listen to Peter Schiff take apart Geithner's foolish logic and lying in this video for almost a year ago:

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