Tag Archive: Timothy Geithner


Obama Wants $130 Billion to Bail Out Europe

 

 

 

” President Barack Obama wants to double the U.S. quota subscription in the International Monetary Fund (IMF) to $130 billion from its current $65 billion level. This is the foreign aid organization that has been busy bailing out Greece, Portugal, and Ireland with $86.6 billion.

U.S. taxpayers have been responsible for about 20 percent of those bailouts, or approximately $17 billion so far, even as the Eurozone continues to crumble and the debt crisis spreads to Italy and Spain.

Obama’s call to double down comes afterformer Treasury Secretary Timothy Geithner had sworn under oath to the House Financial Services Committee in 2012 that “we have no intention to seek additional U.S. resources for the IMF.” “

 

 

 

 

 

—-

 

 

 

About these ads

The Debt Ceiling: Assets Available to Prevent Default

 

 

 

 

 

” The debt ceiling, or the legal limit the federal government may borrow, is set currently at $16.4 trillion.[1] In his latest report, Secretary of the Treasury Timothy Geithner predicts that the United States will need to increase the debt ceiling sometime between February 15, 2013, and early March 2013.[2] The Congressional Research Service estimates the federal government will have to issue an additional $700 billion in debt above the current statutory limit to finance obligations for the remainder of FY2013.[3]

WHERE WE ARE

Congress is currently considering whether it should raise the debt ceiling. This is not new territory. Congress has raised, extended, or revised the definition of the debt ceiling 78 separate times since 1960,[4] including 11 times in the past 11 years.[5] However, raising the debt ceiling for the 12th time in as many years without recognizing and correcting systemic problems would have consequences beyond merely tapping revenue and assets to meet FY2013 budget commitments. Continuing to pass debt ceiling increases without proper spending reforms would be irresponsible.[6]

 

 

 

 

Reid Blocks Senate Vote On Obama’s Deficit-Reduction Plan

 

 

 

 

 

 ” Senate Minority Leader Mitch McConnell (R-Ky.) on Wednesday offered an amendment to force a vote on President Obama’s deficit-reduction plan, but Senate Majority Leader Harry Reid (D-Nev.) was having none of it.

“Last week [Treasury] Secretary [Timothy] Geithner brought up a proposal that was so unserious,” McConnell said on the floor, “I would like to see if my Democratic friends would like to support it.” “

 

 

Illustration By Nate Beeler

Obama’s Ridiculous Fiscal Cliff ‘Offer’ Is An Epic Non-Starter

 

 

 ” Barack Obama desperately wants to take the country over the fiscal cliff.  That’s the only conclusion one could possibly draw from the absolute dementia masquerading as his administration’s opening offer.  Here’s the basic rundown of what the president would like to see happen.

  • $1.6 trillion in tax increases – not just on the wealthy, but on businesses the administration views unfavorably, such as oil.
  • $50 Billion in new stimulus spending
  • A deferment – of a single year – on the military sequester
  • An extension of unemployment benefits for those out of work
  • Federal money to shore up underwater mortgages

To top off the lunacy, President Obama would like nearly unlimited power to raise the debt ceiling whenever he likes, as high as he likes. This is something Timothy Geithner hinted at a few weeks ago.  If Obama has his way, the only constraint on this power would come when a difficult-to- achieve Congressional supermajority chooses to override his decision. “

 

 

 

Illustration By Lisa Benson

Krauthammer on the ‘Fiscal Cliff’

 

 

 

 

“Famed Washington Post journalist and political pundit Charles Krauthammer was a guest on Fox News’ Special Report on Thursday and he offered some pretty bold, but sage advice regarding the fiscal cliff.

Krauthammer claimed,

“It’s not just a bad deal, this is really an insulting deal. What Geithner offered, what you showed on the screen, Robert E. Lee was offered easier terms at Appomattox, and he lost the Civil War. The Democrats won by three percent of the vote, and they did not hold the House. Republicans won the House. So this is not exactly unconditional surrender, but that is what the administration is asking of the Republicans.

This idea – there are not only no cuts in this, there’s an increase in spending with a new stimulus. I mean, this is almost unheard of. I mean, what do they expect? They obviously expect the Republicans will cave on everything. I think the Republicans ought to simply walk away. The president is the president. He’s the leader. They are demanding that the Republicans explain all the cuts that they want to make.” “

 

 

 

Illustration By Glenn Foden

Follow

Get every new post delivered to your Inbox.

Join 6,434 other followers