Treasury Secretary Geithner: 'Eliminate The Debt Ceiling'

In one of the most asinine comments to come from Washington, Treasury Secretary Timothy Geithner said on Friday that Congress should "just eliminate the debt ceiling" and stop placing legal limits on the amount of money the federal government can borrow.

Geithner appeared on Bloomberg TV and host Al Hunt asked him if he believed that "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.”

This is like someone turning to their spouse and saying "Honey, we should just forget the limits of our credit and our household income and just go borrow and spend like we have billions, even though we only bring home $75,000 a year."

How in the world someone like Tim Geithner made it to the position he is in is beyond me, except for the fact that he knows Barack Obama. I don't see anyone else agreeing with him....yet.

Senate Majority Leader Harry Reid (D-NV) has already stated that he is ready to increase the debt ceiling by over $2 trillion.

According to reports, Geithner is looking for the exit door anyway, so he won't have to respond to any of this when it all comes crashing down around our ear.

We had better listen to Texas Congressman Ron Paul who says that we should operate as though we are already over the "fiscal cliff," because the reality is, we are.

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20 thoughts on “Treasury Secretary Geithner: 'Eliminate The Debt Ceiling'

  1. Progressive Republican says:

    "In one of the most asinine comments to come from Washington, Treasury Secretary Timothy Geithner said on Friday that Congress should “just eliminate the debt ceiling” and stop placing legal limits on the amount of money the federal government can borrow."

    Ironic; the author's use of the word, "asinine".

    Article I; Section 8 of the U.S. Constitution states, "The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts..." It goes on to say that Congress shall have power, "To borrow money on the credit of the United States;"

    Section Four of the Fourteenth Amendment states, at its outset, that "[t]he validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, SHALL NOT BE QUESTIONED."

    What part of this is it that FRWNJs don't understand? For a bunch of folks who claim to LOVE the Constitution, revere it, honor it, live by it, etc., etc., blah, blah blah, it sure is funny the way they pick and choose which parts to "honor". Pfeh.

  2. Gee I think I'll start a new company and hire our Sec. Trea. and see how long it takes him to destroy it. Did anyone check his IQ before he got the job?

  3. susandanielspi says:

    Timmy, who only got his job because his father was Obama's mama's boss in Indonesia, should have been jailed for not paying $38,000 in income tax. Of course he thinks we should raise the debt ceiling. He is a fool who does not know how to handle money, especially other peoples' money.

  4. Robert Manstine says:

    This is the mindset of these people in power. I cannot for the life of me see where they can logically explain why you would possibly do this unless they are trying to bring this great nation down. Are they communist, socialist or just plain stupid.

  5. Yeah, what's the difference lets get rid of that pesky little barrier that keeps the Roth family bankers from really wrecking our nation. OVENS!

  6. retiredmillwright says:

    Every times Timmy opens his big crooked mouth; weasel words escape
    and irritate working people. To put it very plainly, Geithner is as worthless
    as nipples on a boar hog.

  7. lets make this even easier Eliminate Geithner from government work and the debt ceiling will take care of itself.

  8. MR. Geithner is absolutely correct we must eliminate the debt ceiling, th Skies the Limit!

  9. How about " Eliminate Treasury Secretary Timothy Geithner "

  10. Next year it will be 100 years since both the Federal Reserve was created and the Income Tax Bill were signed into law. The last time our national debt was paid off was by Andrew Jackson on Jan. 08, 1835. There was no central bank in the U.S. for 87 years. amendment 16-Status of Income Tax clarified. Ratified on 2/3/1913. Why is Geithner a member of the board of governors of the IMF? Is it because the U.S. taxpayer is their largest contributer to their funds.

  11. Do you think my credit card companies will put an infinite ceiling on my credit limit? I didn't think so.

  12. I thought geithner was leaving?

  13. Gringo Infidel says:

    Sure - they are only numbers, right? Hey, here is an idea - how about we eliminate the salaries of the political appointees to save money. It will not fix anything but it is a start - you go first, comrade crook.

  14. it'd be easier to "eliminate Timmy"

  15. The debt limit should be increased only to accomodate the spending in budgets passed by congress and signed by the president. No budget means no increase in borrowing and no more deficit spending.

  16. There is really no debt ceiling - Democrats keep raising it. Does that mean that the credit card companies can just remove all credit limits on their cards - ya, let's do that and see how that works for ya!!! For the treasury secretary, Mr. Geithner, you are pretty stupid and you must have failed economics in high school and college. You are a huge disappointment!!! You have no respect for this country, its laws or policies. I just can't believe you even said that!!

  17. What debt ceiling? When you raise it every time you hit it, the debt ceiling doesn't really exist. It's kind of like when you refuse to enforce immigration laws. Or when you refuse to acknowledge voter fraud.