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Geithner: Obama inherited worst fiscal mess ever
googlenews/ap ^ | 3-3-09 | STEPHEN OHLEMACHER

Posted on 03/03/2009 10:40:16 AM PST by rightinthemiddle

WASHINGTON (AP) — President Barack Obama's Treasury secretary says the administration has inherited "the worst fiscal situation in American history."

Treasury Secretary Timothy Geithner told the House Ways and Means Committee Tuesday that Obama entered office facing a $1.3 trillion deficit — about 10 percent of the nation's economic output. Republicans have complained that Obama's budget proposal would balloon the deficit even higher, to $1.75 trillion.

(Excerpt) Read more at google.com ...


TOPICS: Business/Economy; Front Page News; Government; News/Current Events; Politics/Elections
KEYWORDS: bds; bho2009; bho44; cheats; democrats; democratscongress; liars; obamanomics; pravdamedia; socialists; soldusout; sorocrats; taxcheatparty; trilliondollarwhore; wimps
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It's not our fault. Really.
1 posted on 03/03/2009 10:40:16 AM PST by rightinthemiddle
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To: rightinthemiddle

So tell us again, Mr. Tax Cheat Secretary, how massively increasing spending is a viable way to address that massive deficit.


2 posted on 03/03/2009 10:41:39 AM PST by dirtboy
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To: rightinthemiddle

watevvvvver, TAX CHEAT


3 posted on 03/03/2009 10:41:48 AM PST by Doogle (USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
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To: rightinthemiddle

Obama quadrupled the deficit in a month. Just days after saying he was going to cut it in half. Thats progress I guess.


4 posted on 03/03/2009 10:41:50 AM PST by GeronL (Will bankrupting America lead to socialism?)
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To: rightinthemiddle

Uh...wrong.


5 posted on 03/03/2009 10:42:06 AM PST by Mad_Tom_Rackham (The inmates are now officially running the asylum.)
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To: rightinthemiddle; ExTexasRedhead

Excuse me didn’t he work for the FRB in the New York district??

What an asshat!!!!


6 posted on 03/03/2009 10:42:09 AM PST by Perdogg (Only the hypnotized never lie)
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To: rightinthemiddle

IIRC, the deficit present in the last GOP-crafted budget was something like $160 billion, right? If so, the Geithner is lying through his teeth.


7 posted on 03/03/2009 10:42:28 AM PST by Titus Quinctius Cincinnatus (RINOs and conservatives who won't unite to fight for the Right - two sides of the same coin)
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To: rightinthemiddle

He caused it.


8 posted on 03/03/2009 10:42:57 AM PST by b4its2late (Ignorance allows liberalism to prosper.)
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To: rightinthemiddle

They need to maka a song out of this crap. From the AP yesterday:

‘Obama’s top hands assigned responsibility to their predecessors and President George W. Bush. Blaming Bush-era proposals for deficits, Obama wanted to set up his own budget that would start Oct. 1, which he proposed last week with a bold goal of cutting the deficit by half within his four-year term.

“First, this is a $1.7 trillion deficit he inherited. Let’s be clear about that. We inherited this deficit and we inherited $4 trillion of new debt,” Emanuel said. “That is the facts.”’


9 posted on 03/03/2009 10:42:57 AM PST by rightinthemiddle (Without the Mainstream Media, the Left is Nothing.)
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To: rightinthemiddle

Geithner: Obama ‘created’ worst fiscal mess ever


10 posted on 03/03/2009 10:42:59 AM PST by Gaffer
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To: rightinthemiddle

So instead of slashing the federal budget lets spend even more, borrow more, and pass 8,000 plus earmarks.
Good plan Timmy.


11 posted on 03/03/2009 10:43:00 AM PST by sitkaspruce
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To: rightinthemiddle
.... told the House Ways and Means Committee Tuesday that Obama entered office facing a $1.3 trillion deficit

So the Dems were forced to increase the deficit to $1.75 trillion in response.

12 posted on 03/03/2009 10:43:09 AM PST by Mr. Mojo
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To: rightinthemiddle
Geithner: Obama inherited worst fiscal mess ever

....every morning he wakes up it's worse than the day before.....

13 posted on 03/03/2009 10:43:16 AM PST by TexasNative2000 (Obamamania - not terminal, but, sadly, it does have to run its four-year course.)
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To: rightinthemiddle

... and the contents of the first envelope said “Blame your predecessor!”


14 posted on 03/03/2009 10:43:21 AM PST by pnh102 (Save America - Ban Ethanol Now!)
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To: Titus Quinctius Cincinnatus

More propoganda . . .


15 posted on 03/03/2009 10:43:23 AM PST by Free America52 (I just want it to be the way it always has been.)
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To: Doogle

..can’t wait for the new bills to come out


16 posted on 03/03/2009 10:43:26 AM PST by Doogle (USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
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To: rightinthemiddle
President Barack Obama's Treasury secretary says the administration has inherited "the worst fiscal situation in American history."

A "fiscal mess" that Obama, Geithner, and their treasonous cohorts in both houses of Congress promptly made even worse.

17 posted on 03/03/2009 10:43:30 AM PST by rabscuttle385 ("If this be treason, then make the most of it!" —Patrick Henry)
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To: rightinthemiddle

But we will make it much worse just watch.


18 posted on 03/03/2009 10:43:46 AM PST by boomop1
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To: rightinthemiddle

BLAME BUSH!

BLAME BUSH!

BLAME BUSH!

sorry Timmy, but Obama owns this one lock, stock, and barrel.


19 posted on 03/03/2009 10:43:49 AM PST by txnativegop (God Bless America! (NRA-Endowment))
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To: rightinthemiddle

STOP FISCAL STORMING!!!

Cap emissions from the Treasury.


20 posted on 03/03/2009 10:43:53 AM PST by syriacus ( STOP FISCAL STORMING!!! Cap green emissions from the Treasury.)
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To: Titus Quinctius Cincinnatus

$160.7B to be precise. That was the end of Fiscal 2007. After that, Obama as a Senator voted for more spending than even Nancy Pulosi’s House proposed.


21 posted on 03/03/2009 10:44:39 AM PST by massgopguy (I ostard yet?we everything to George Bailey)
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To: rightinthemiddle
Well, it's true that they did indeed inherit a crap sandwich.

The problem, however, is that they're doing their damndest to make a bigger, smellier crap sandwich.

22 posted on 03/03/2009 10:45:10 AM PST by r9etb
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To: rightinthemiddle
Sugarpie honeybunch
I'm weaker than a man should be
I can't help myself
I'm a fool in love you see

23 posted on 03/03/2009 10:45:39 AM PST by ari-freedom (Hail to the Dork!)
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To: rightinthemiddle

Did he inherit Victory in Iraq?


24 posted on 03/03/2009 10:46:35 AM PST by Jeff Chandler (I want Obama to fail.)
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To: rightinthemiddle

If true, democrat control of congress the last few years was irrelevant.


25 posted on 03/03/2009 10:46:45 AM PST by Oldeconomybuyer (The democRATS are near the tipping point.)
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To: r9etb

The inherited a crap sandwich.

But they’ve added five courses to the meal and are forcing us all to take a big bite.


26 posted on 03/03/2009 10:46:47 AM PST by rightinthemiddle (Without the Mainstream Media, the Left is Nothing.)
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To: rightinthemiddle

27 posted on 03/03/2009 10:47:07 AM PST by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: rightinthemiddle

can Bush blame it on Turbo Tax? ...just curious.


28 posted on 03/03/2009 10:47:27 AM PST by BookmanTheJanitor
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To: rightinthemiddle

Geithner is as big of a liar as Obama.


29 posted on 03/03/2009 10:48:05 AM PST by Hoodat (For the weapons of our warfare are mighty in God for pulling down strongholds.)
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To: rightinthemiddle

Sugarpie honeybunch
I'm weaker than a man should be
I can't help myself
I'm a fool in love you see
30 posted on 03/03/2009 10:48:31 AM PST by ari-freedom (Hail to the Dork!)
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To: rightinthemiddle

Sugarpie honeybunch
I'm weaker than a man should be
I can't help myself
I'm a fool in love you see
31 posted on 03/03/2009 10:48:53 AM PST by ari-freedom (Hail to the Dork!)
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To: rightinthemiddle

Anyone who can’t use Turbo Tax, although they’re the economic second coming, will believe anything.

What an asshat.


32 posted on 03/03/2009 10:48:56 AM PST by Tijeras_Slim
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To: rightinthemiddle

Those who don’t or won’t learn from history , are condemned to repeat it.

Socialism Sucks the lifeblood out of those it is intended to protect.


33 posted on 03/03/2009 10:49:03 AM PST by NormsRevenge (Semper Fi ... Godspeed.)
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To: rightinthemiddle
Emanuel said. “That is the facts.”’

...and the democratic control over the senate and congress started when?....check your facts on that, check where the stock market was back then...check what the unemployment was back then...check those "facts"...talk about facts.....my guess is the Jewish "wounded war hero" don't want those facts checked does he?

34 posted on 03/03/2009 10:49:08 AM PST by Doogle (USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
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To: rightinthemiddle
Sugarpie honeybunch
I'm weaker than a man should be
I can't help myself
I'm a fool in love you see
35 posted on 03/03/2009 10:49:24 AM PST by ari-freedom (Hail to the Dork!)
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To: rightinthemiddle

hmmmm


36 posted on 03/03/2009 10:49:52 AM PST by ari-freedom (Hail to the Dork!)
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To: rightinthemiddle
Emanuel said. “That is the facts.”’

...and the democratic control over the senate and congress started when?....check your facts on that, check where the stock market was back then...check what the unemployment was back then...check those "facts"...talk about facts.....my guess is the Jewish "wounded war hero" don't want those facts checked does he?

37 posted on 03/03/2009 10:50:09 AM PST by Doogle (USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
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To: b4its2late

Exactly...or rather those wanting to see him in the White House caused it.


38 posted on 03/03/2009 10:50:29 AM PST by madinmadtown (BO stinks..)
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To: rightinthemiddle
Really? How many trillions did Mr. Bush misspend?
39 posted on 03/03/2009 10:50:38 AM PST by a fool in paradise ("Do you know the website number?" - VP Joe Biden)
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To: rightinthemiddle
Emanuel said. “That is the facts.”’

...and the democratic control over the senate and congress started when?....check your facts on that, check where the stock market was back then...check what the unemployment was back then...check those "facts"...talk about facts.....my guess is the Jewish "wounded war hero" don't want those facts checked does he?

40 posted on 03/03/2009 10:50:51 AM PST by Doogle (USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
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To: rightinthemiddle

Obama spent two years and 1/2 Billion $$$ to buy the presidency and now he’s whining about it?


41 posted on 03/03/2009 10:51:10 AM PST by noexcuses
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To: rightinthemiddle

THE FEDERAL GOVERNMENT CAUSED THE MORTGAGE LOAN MELTDOWN. NOW OBAMA AND CONGRESS SAY IT TAKES MORE GOVERNMENT TO FIX THE PROBLEM. THEY MUST THINK ALL VOTERS ARE STUPID .... MAYBE THEY ARE RIGHT.

Beginning in 1992 Congress pushed Fannie Mae and Freddie Mac to increase purchases of mortgages going to low to moderate income people. In 1996 HUD gave Fannie and Freddie an explicit target: 42% of their mortgage financing had to go to borrowers with incomes below the median. This target was increased to 50% in 2000 and 52% in 2005. In 1996 HUD required that 12% of all mortgages purchased by Freddie and Fannie had to be “special affordable” loans, meaning loans to borrowers with income less than 60% of their area’s median. The 12% dictum was increased to 20% in 2000 and 22% in 2005.

Congress, particularly Democrats such as Barney Frank of Massachusetts, caused the current crisis. McCain actually warned against the irresponsible trends at Fannie and Freddie. Now the Democrats (i.e., Socialist) say we need more government intervention to solve the crisis. Government is not the solution; government is the problem.

What we really need now is ELIMINATION OF THE FEDERAL INCOME TAX in all its forms, personal and business, replacing it with a straightforward national sales tax. This would save billions in compliance costs. It would be Fair, since those who earn more spend more. It would encourage savings and investment. We would not have to constantly guess what changes Congress is going to make to the tax code. The IRS would be history.

ALL IN FAVOR SAY AYE! Anyone opposed to the elimination of the federal income tax (other than our Congress-Incompetents and the president)?


42 posted on 03/03/2009 10:51:35 AM PST by pleikumud
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To: rightinthemiddle

The trough is running dry. Quick! Eat faster!!!


43 posted on 03/03/2009 10:51:57 AM PST by Mojave (Don't blame me. I voted for McClintock.)
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To: rightinthemiddle
What unmitigated GALL and such an asshole.

The audacity of these people is incredible.

44 posted on 03/03/2009 10:53:24 AM PST by Centurion2000 (01-20-2009 : The end of the PAX AMERICANA.)
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To: rightinthemiddle
And not just Bush, but any Senators who did nothing to stop this from...oh, uh, never mind...

Did I mention it was all Bush's fault????!

45 posted on 03/03/2009 10:53:32 AM PST by Darkwolf377
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To: rightinthemiddle

THE FEDERAL GOVERNMENT CAUSED THE MORTGAGE LOAN MELTDOWN. NOW OBAMA AND CONGRESS SAY IT TAKES MORE GOVERNMENT TO FIX THE PROBLEM. THEY MUST THINK ALL VOTERS ARE STUPID .... MAYBE THEY ARE RIGHT.

Beginning in 1992 Congress pushed Fannie Mae and Freddie Mac to increase purchases of mortgages going to low to moderate income people. In 1996 HUD gave Fannie and Freddie an explicit target: 42% of their mortgage financing had to go to borrowers with incomes below the median. This target was increased to 50% in 2000 and 52% in 2005. In 1996 HUD required that 12% of all mortgages purchased by Freddie and Fannie had to be “special affordable” loans, meaning loans to borrowers with income less than 60% of their area’s median. The 12% dictum was increased to 20% in 2000 and 22% in 2005.

Congress, particularly Democrats such as Barney Frank of Massachusetts, caused the current crisis. McCain actually warned against the irresponsible trends at Fannie and Freddie. Now the Democrats (i.e., Socialist) say we need more government intervention to solve the crisis. Government is not the solution; government is the problem.

What we really need now is ELIMINATION OF THE FEDERAL INCOME TAX in all its forms, personal and business, replacing it with a straightforward national sales tax. This would save billions in compliance costs. It would be Fair, since those who earn more spend more. It would encourage savings and investment. We would not have to constantly guess what changes Congress is going to make to the tax code. The IRS would be history.

ALL IN FAVOR SAY AYE! Anyone opposed to the elimination of the federal income tax (other than our Congress-Incompetents and the president)?


46 posted on 03/03/2009 10:53:54 AM PST by pleikumud
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To: rightinthemiddle
Reagan inherited an economy that had been in recession for a year, the unemployment rate was sky high, and, unlike today, inflation was out of control. Carter's fault!

I guess we can expect to see the new "Great Communicator" turn it around as effectively as Reagan did.

47 posted on 03/03/2009 10:54:03 AM PST by dead (I've got my eye out for Mullah Omar.)
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To: rightinthemiddle
the fiscal mess is Obama and his cabinet
48 posted on 03/03/2009 10:54:36 AM PST by 70th Division (I love my country but fear my government!)
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To: Jeff Chandler

he will never admit victory in iraq......


49 posted on 03/03/2009 10:56:16 AM PST by tatsinfla
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To: rightinthemiddle

The Obama collapse is his own, and his deficit will be much larger than $2 trillion or even $3 trillion.


50 posted on 03/03/2009 10:56:30 AM PST by pallis
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