Unlimited debt ceiling?? Why the hell not??? Fiat is unlimited and never goes down in value. Everyone knows that, especially a tax cheat. After all, paying taxes is for suckers & republicans. Borrow, print, steal, repeat. What can go wrong?
(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.
card802 says:
I for one am not surprised. I said it the last time they raised the debt ceiling. These fucknuts can’t solve any problem.
“Problems cannot be solved with the same mind set that created them.”
― Albert Einstein
Lets get this over with, eliminate the ceiling once and for all.
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22nd November 2012 at 7:59 am
intj says:
Gee – a hundred years of debt ceilings and a hundred years of the Fed – and Timmy wants to end the ceiling.
No surprise there.
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22nd November 2012 at 9:23 am
Hope@ZeroKelvin says:
Hahahaha! My poor brain is gonna explode and my hair catch on fire every time this jackass Turbo Timmy opens his piehole.
Did he miss the memo on how <10% of our Treasuries on the last several bond auctions were bought by foreigners? Or how 70% of Asian countries, including those totally ungrateful South Koreans, now follow the yuan/remimbi and NOT the USD?
Has he forgotten his history lessons about how printing money ALWAYS leads to debasement of the currency?
Gah, with "leaders" like these, let's just fastFORWARD to the collapse and get itnover already, sheesh.
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22nd November 2012 at 9:55 am
ecliptix543 says:
Those of you that watched “The Newsroom” on HBO may remember the episode where they covered the ’10 election. In that episode, one scene involved an attempted interview with a newly elected teabag representative, wherein Will and Sloan asked the rep if he understood that raising the debt ceiling does not authorise additional borrowing, it merely authorises the Treasury to repay money already borrowed. This little caveat was one of the themes throughout that episode – that the majority of people including our illustrious appointed sub-dictators don’t even know what the debt ceiling actually is. Maybe it’s just me, but the distinction seems awfully damn important.
*If the show’s characters were incorrect in their definition, please say so. Throughout the whole series, all the other economic and political details and facts they used were accurate, as far as I could tell.*
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22nd November 2012 at 10:07 am
Roysyl says:
During TARP (Troubled Asset Relief Program) Congressional mail ran 100 to 300 against passage. TARP was passed. The banks were saved at taxpayer expense.
During the last charade to raise the debt limit the serfs overwhelming opposed it.. The debt limit was raised and the FSA was saved.
During each charade more and more serfs are realizing their consent of the governed is totally ignored. The Lords are becoming concerned the the number of serfs who realize the Lords are pissing on their heads and it’s not raining will reach critical mass.
The Lords are going to do as they please anyhow so why risk alerting the serfs ? They can always come up with another “running dog” to distract the serfs and fill the space between commercials.
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22nd November 2012 at 10:19 am
ecliptix543 says:
Well, running dogs versus .308 Winchester usually doesn’t work out too well for the dogs.
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22nd November 2012 at 10:28 am
The Watchdog says:
I enjoy “The Newsroom”, but the debt ceiling episode was bullshit. Hollywood is as clueless about economics as Washington DC is. Good thing Olivia Munn is easy on the eyes.
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22nd November 2012 at 10:45 am
sangell says:
Someone should ask Geithner if the IMF is wrong to insist Greece and other European nations get their debt level down to no more than 120% of GDP as that is the level they believe to be the maximum sustainable debt load a national economy can bear.
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22nd November 2012 at 10:46 am
Eddie says:
They might as well eliminate the debt ceiling. Everyone in congress knows these brinksmanship episodes are just posturing…a chance for Republicans to carry the ball and get a few votes from the old folks who still think their rhetoric means anything.
It will always be raised. Until nobody wants a dollar for anything except toilet paper.
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22nd November 2012 at 11:15 am
AWD says:
Unlimited borrowing and the debt are/will threatening our national security. A financial collapse or losing reserve currency status would decimate our military, our country, and the FSA.
It is therefore treason to continue to run up $ trillion dollar debts. Geitner and the rest of the criminals in Washington should be tried for treason and summarily executed. It’d be a great show for New Year’s eve.
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22nd November 2012 at 11:29 am
AWD says:
Our new money (after the dollar is worthless):
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22nd November 2012 at 11:31 am
AWD says:
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22nd November 2012 at 11:46 am
Kill Bill says:
Awrighty then!!
Since debt is no longer a problem…lets just eliminate ALL federal taxes and fees!
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22nd November 2012 at 2:23 pm
Novista says:
“Of the US gross government debt of US$16 trillion, the US government holds around 40% of the debt through the Federal Reserve, Social Security Trust Fund and other government trust funds. Individuals, corporations, banks, insurance companies, pension funds, mutual funds, and state or local governments hold 25%. Foreigner investors -China, Japan, oil exporting nations, Asian central banks and sovereign wealth funds- hold the remaining 35%.” — Satyajit Das
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22nd November 2012 at 6:11 pm
Llpoh says:
E – running dogs are very hard to hit with a rifle – nigh on impossible, matter of fact. Gotta wait for them to stop.
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22nd November 2012 at 6:30 pm
ecliptix543 says:
Aww come on, llpoh. What do you think full-auto is for? Well, that and IED’s (formerly known as capitalist innovation in the bespoke land mine market sector).
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22nd November 2012 at 7:44 pm
Ron says:
So the answer is more printing.And to be in the printer selling bizness to the fed.
Sounds easy enough.
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22nd November 2012 at 9:08 pm
crazyivan says:
The big ones are easier to hit.
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22nd November 2012 at 9:09 pm
AKAnon says:
CI-nice. Easier to hit, maybe, but harder to put down.
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22nd November 2012 at 10:18 pm
crazyivan says:
Will heck AKAnon, we’re just trying to wing em, right?
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22nd November 2012 at 10:58 pm
randy says:
When interest rates are essentially zero, why not borrow to infinity…
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22nd November 2012 at 2:12 am
crazyivan says:
“When interest rates are essentially zero, why not borrow to infinity”- randy
You do realize that at some point you have to pay the principle back, right?
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22nd November 2012 at 2:39 am
ecliptix543 says:
Hmm.. some thumbs-down cocksuckers have come out of the woodwork.
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22nd November 2012 at 8:36 am