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Geithner Blames Budget Woes on Bush Administration
Reuters ^ | March 4, 2009 | Glenn Somerville

Posted on 03/04/2009 9:38:35 AM PST by reaganaut1

WASHINGTON (Reuters) - U.S. Treasury Secretary Timothy Geithner on Wednesday blamed soaring budget deficits partly on failure by the former Bush administration to make needed investments in energy security and healthcare.

"We begin our time in office after a long period in which our government was unwilling to make the long-term investments required to meet critical challenges in health care, energy and education," he said in prepared remarks to the Senate Finance Committee.

The Obama administration is projecting a deficit of $1.8 trillion, or 12.3 percent of gross domestic product, in fiscal 2009, which ends September 30. Geithner said $1.3 trillion of that total was inherited from the Bush administration.

Most of his testimony echoed remarks he delivered on Tuesday to the tax-writing House Ways and Means Committee.

Geithner told lawmakers on Tuesday that $43 billion of new investments will be made in clean energy technology, but on Wednesday he boosted that estimate to $65 billion.

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


TOPICS: Business/Economy; News/Current Events
KEYWORDS: bho2009; budgetdeficit; chutzpah; deficit; democrats; economy; geithner; obamabudget; obamalies; taxcheat; taxcheatparty
Bush is to blame for the current deficit because he did not spend as much as Obama is spending now?

Bush does deserve some blame for not restraining spending, but Obama is far worse.

1 posted on 03/04/2009 9:38:35 AM PST by reaganaut1
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To: reaganaut1
OBAMA LIED; THE ECONOMY DIED!
2 posted on 03/04/2009 9:39:31 AM PST by FormerACLUmember (When the past no longer illuminates the future, the spirit walks in darkness.)
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To: reaganaut1
Memo to Geithner:

Pay your taxes and shut up !!!

3 posted on 03/04/2009 9:41:27 AM PST by stratboy
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To: reaganaut1

“U.S. Treasury Secretary Timothy Geithner on Wednesday blamed soaring budget deficits partly on failure by the former Bush administration to make needed investments in energy security and healthcare.”

The deficits are because Bush didn’t overspend enough?

Maybe it would help for our Treasury Sec’y to take a GED math test first before we offer him/her the position.


4 posted on 03/04/2009 9:42:10 AM PST by Slapshot68
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To: reaganaut1

“an effete corps of impudent snobs who characterize themselves as intellectuals.” ...Spiro T. Agnew, 1969

Perfect characterization of Zer0’s flunkies


5 posted on 03/04/2009 9:42:48 AM PST by Scanian
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To: reaganaut1
This is total BS. The Bush deficit of $450 B is paltry compared to the $1.9 trillion Obama has allocated for expenditure in 5 WEEKS! The GOP will take this on the chin and soon begin to believe it themselves. Where, oh where, is Michael Steele with a counter attack? The Dems have been spinning this for days and not a peep from the GOP. ARE THEY INTERESTED IN HIRING SOME INTELLIGENT LIFE FORMS AT HQ?????
6 posted on 03/04/2009 9:43:21 AM PST by April Lexington (Study the constitution so you know what they are taking away!)
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To: reaganaut1

Somebody tell him there’s no more room under the bus. Hey Dems: It’s all your’s now baby!


7 posted on 03/04/2009 9:44:33 AM PST by pepperdog (The world has gone crazy.)
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To: reaganaut1

8 posted on 03/04/2009 9:44:59 AM PST by Perdogg (Only the hypnotized never lie)
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To: reaganaut1

Will someone tell me when the Statute of Limitations expires on the Blame Bush line.


9 posted on 03/04/2009 9:45:02 AM PST by Old Retired Army Guy (tHE)
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To: reaganaut1

Let me get this straight...
Part of the deficit problem is that we didn’t spend enough???

Seriously?

And this guy is the one in charge of printing money and protecting the President - Wow.


10 posted on 03/04/2009 9:45:21 AM PST by BlueNgold (... Feed the tree!)
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To: Slapshot68

That’s realy easy, it’s called THE BLAME GAME. And as long as you can make someone else have the blame, no one will have any right or have confidence in him to fix the problem, until they own up to a Democratic Congress which led a run away budgetary plan, that THEN Senator Obama voted for, everytime.


11 posted on 03/04/2009 9:45:31 AM PST by rovenstinez
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To: Slapshot68
Sh*t! During the campaign the Dems were blaming Bush for MASSIVE DEFICITS! Now, they blame him for not spending enough?

Bastards are masters of deceit. Define your opponent as the cause. Classic Marxist techniques.

Where the hell is the GOP today?? Any counter attacks planned? Nope, just raising money from fools today so we can lose the next election....

Somebody, PLEAESE, find me a conservative party to join!

12 posted on 03/04/2009 9:45:58 AM PST by April Lexington (Study the constitution so you know what they are taking away!)
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To: reaganaut1

Oh boy, a partisan Sec. of the Treasury. No surpise there. I suppose the deficit would be less if people paid their taxes, right Turbo Tax Timmy?

The run away entitlement spending, debt service and defense costs are what are killing the budget. Bush spent a bunch on defense and last I checked no one has died in a massive terror attack on American soil. Clinton showed what happens when you don’t invest in security.

But, Obama could have said, “no more spending”. He could have refused to back the bail outs and his budget requests could have taken steps to restore fiscal sanity but, no, can’t have that.

Thinking your revenues will continue to gorw forever is just stupid and both parties share in this blame.


13 posted on 03/04/2009 9:46:24 AM PST by misterrob (FUBO----Just say it, Foooooooooooooo Boooooooowwwwww. Smooth)
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To: April Lexington

I will wager that Rush will cream Geithner before the end of today’s show. Of course, that shouldn’t be entirely up to Rush. The RNC should let the Dems have it with both barrels, as you very well stated.


14 posted on 03/04/2009 9:47:14 AM PST by Scanian
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To: reaganaut1

This unspeakable worm must believe everyone else in the country is a moron. What a way to live.


15 posted on 03/04/2009 9:47:35 AM PST by NativeNewYorker (Freepin' Jew Boy)
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To: reaganaut1

This from a guy who ran part of the FED the last 7 years....and never - not a single time - raised his hand to suggest there was trouble on the horizon.


16 posted on 03/04/2009 9:48:13 AM PST by anniegetyourgun
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To: reaganaut1
U.S. Treasury Secretary Timothy Geithner on Wednesday blamed soaring budget deficits partly on failure by the former Bush administration to make needed investments in energy security and healthcare.

:::rolls eyes:::

17 posted on 03/04/2009 9:48:24 AM PST by MEGoody (Ye shall know the truth, and the truth shall make you free.)
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To: Old Retired Army Guy

Have they stopped blaming Hoover for the Depression yet?


18 posted on 03/04/2009 9:48:41 AM PST by Scanian
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To: reaganaut1
Geithner probably says it was Bush's fault he cheated on his taxes.
19 posted on 03/04/2009 9:48:43 AM PST by detective
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To: reaganaut1
U.S. Treasury Secretary Timothy Geithner on Wednesday blamed soaring budget deficits partly on failure by the former Bush administration to make needed investments in energy security and healthcare.

With all due respect Mr. Secretary (which isn't much), bullsh*t. The budget is the Obama administration's budget - not former President Bush's administration's.

Is Geithner trying to say Obama and crew are not responsible-for nor accountable-for the bad things that come out of their budget? What kind of fresh BS is this? They want to take credit for what good things (if any) come from their spending, they also have to own up to the negatives, which look to be considerable.

20 posted on 03/04/2009 9:49:10 AM PST by CodeMasterPhilzar (I'll keep my money, my guns, and my freedom. You can keep the "change.")
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To: reaganaut1

yeah, just like the RATS to deflect their own culpability by using “Blame Bush”. RATS won’t even take responsibility for 911 which is clearly their own fault.


21 posted on 03/04/2009 9:49:12 AM PST by lilylangtree (Veni, Vidi, Vici)
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To: April Lexington
Somebody, PLEAESE, find me a conservative party to join!

Constitution Party

22 posted on 03/04/2009 9:49:15 AM PST by Centurion2000 (01-20-2009 : The end of the PAX AMERICANA.)
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To: Centurion2000
Which one. The one run by a lesbian out of Madison Wisconsin?
23 posted on 03/04/2009 9:51:00 AM PST by April Lexington (Study the constitution so you know what they are taking away!)
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To: reaganaut1

Geithner allegedly does not understand how to fill out tax forms. I doubt he understands who caused budget woes.


24 posted on 03/04/2009 9:51:30 AM PST by Dante3
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To: reaganaut1

Hey Timmy, you loser....

How were those years in Indonesia with Zer0’s mommy, pushin’ Communism....or the years with Henry “NWO” Kissinger debating a world currency?

You f’ing maggot.


25 posted on 03/04/2009 9:53:09 AM PST by wac3rd (In the end, we all are Conservative, some just need their lives jolted to realize that fact.)
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To: reaganaut1
There was a story in the WaPo that the several of the administrative positions have not been filled at Treasury . If this administration were truly concerned about the economy they would be concentrating on the unfilled positions in the department that is supposed to be evaluating the current economic mess rather than worrying about what sort of dog to get.
The current administration is far more concerned of making the Conservatives the Boogie Man than being serious about helping the country.
26 posted on 03/04/2009 9:53:29 AM PST by madinmadtown (BO stinks..)
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To: April Lexington
This one

Constitution Party

27 posted on 03/04/2009 9:53:42 AM PST by Centurion2000 (01-20-2009 : The end of the PAX AMERICANA.)
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To: NativeNewYorker
This unspeakable worm must believe everyone else in the country is a moron. What a way to live.

Actually he understands the voting majority is as well as the majority of elected officials.

28 posted on 03/04/2009 9:54:50 AM PST by paul51 (11 September 2001 - Never forget (July 4, 2009 see you there))
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To: reaganaut1

Well Mr. Geitner, I’ll give you this much...

Bush wasn’t aggressive enough with tax cheats.


29 posted on 03/04/2009 9:55:19 AM PST by kidd (Obama: The triumph of hope over evidence)
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To: Dante3
Hatch actually blamed him for all the Bank and Wall Street reminding of his former position at the New York Fed. Does anyone remember Jim Rodgers saying upon hearing Timmy was going to be the Sec. of Treasury that he was the worst pick ever.
30 posted on 03/04/2009 9:56:36 AM PST by scooby321
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To: reaganaut1
failure by the former Bush administration to make needed investments in energy security and healthcare

So, where did Bush not invest in energy security? When he allowed domestic drilling or when he invested in alternative energy research? How does investment in healthcare address a spending deficit? These lies need to be refuted loudly and consistently by the GOP. They need to get over the fear of defending our last President and go on the offensive here.

31 posted on 03/04/2009 9:57:07 AM PST by ilgipper
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To: April Lexington

Like our exhalted leader, His Largessee Master Zero, Mr. Steele’s only qualification for appointment seems to have been his melanin count. If the Dems insist on making Rush the “face of the GOP” we ought to go for it and insist that he take that job! As RNC head, Rush would really start the long overdue political/culture war...er...conversation that we have needed in this country since 1988!


32 posted on 03/04/2009 9:58:08 AM PST by cartoonistx
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To: reaganaut1
I loved when Obama started the “inherited” deficit BS during his speech to Congress and all the Rats who voted for ALL the spending bills President Bush signed jumped up and applauded.

Not to mention that the Rats controlled Congress for the last two years, just when the economy started to tank.

Coincidence, you be the judge.

33 posted on 03/04/2009 10:00:56 AM PST by Kickass Conservative (Obamunism, the fatal cure for Bush Derangement Syndrome.)
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To: reaganaut1

Geithner lives a cush life in Larchmont, NY.
He is a pu**y.


34 posted on 03/04/2009 10:01:42 AM PST by NowApproachingMidnight (Sell the left short this cycle.)
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To: reaganaut1

Three years from now when one out of every five of us is unemployed, the DOW hovers around 2,000, and gas is six dollars a gallon, they will still be blaming George Bush.


35 posted on 03/04/2009 10:04:16 AM PST by SaveTheChief (Obama lied, America died.)
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To: reaganaut1
on failure by the former Bush administration to make needed investments in energy security and healthcare.

I was watching this on FBN. I had my DVR going and noticed that when Geithner almost painfully said the words "climate change" the market dropped about 40 points in two minutes. I rewound the DVR and played the words "climate change" then fast-forwarded for about 3 minutes. We watched the ticker go from +160 to +120. Might not be related at all, but it was certainly interesting to watch on fast-forward.

He was talking about imposing some sort of excise tax on off-shore drilling because they didn't want to encourage practices that were harmful to the environment. He was asked how this was supposed to reduce dependence on foreign sources of oil. He really had no answer for that. He just said that certain areas of the economy were going to have to experience some "shared sacrifice" in getting the economy going again.
36 posted on 03/04/2009 10:05:32 AM PST by mmichaels1970
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To: scooby321

I don’t recall it. But I do agree he is a horrible pick to head Treasury.


37 posted on 03/04/2009 10:06:23 AM PST by Dante3
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To: reaganaut1
failure by the former Bush administration to make needed investments in energy security

Stop me if you've heard this one, but which party has been blocking offshore drilling, nuclear power, clean coal power, and building of new refineries?

38 posted on 03/04/2009 10:07:04 AM PST by OpeEdMunkey (We seem to have reached a critical mass of stupid people.)
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To: reaganaut1
Well, I blame the deficits on the fact that too many 'Rats like Geitner didn't pay what they owed (much less what their "fair share" should be) in income taxes, and the Treasury took the hit. So it's really their fault.

This "Bush's Fault" went out on 1/20/'09. It isn't gonna fly anymore. As of that date, it's only...

Obombah's Fault.

39 posted on 03/04/2009 10:10:16 AM PST by chimera
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To: reaganaut1
U.S. Treasury Secretary Timothy Geithner on Wednesday blamed soaring budget deficits partly on failure by the former Bush administration to make needed investments in energy security and healthcare.

In October 2003, he was named president of the Federal Reserve Bank of New York.[15] His salary in 2007 was $398,200.[16]

Timmie has been the the problem since 2003 !!


40 posted on 03/04/2009 10:11:43 AM PST by Uri’el-2012 (Psalm 119:174 I long for Your salvation, YHvH, Your law is my delight.)
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To: Dante3

It’s one thing to fall behind on taxes, but it’s another thing to be paid the money to pay the taxes and refuse to do so. Besides, how can you have confidence in a guy who can’t tie his tie right?


41 posted on 03/04/2009 10:26:22 AM PST by roj (Fenwick Island is great this time of year)
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To: reaganaut1
Would someone explain how not creating a nationalized health system has contributed to our budget and financial woes. As for energy, Pres. Bush's ties with the middle east sheiks certainly did this country no good, but he did oversee an opening of homeland areas in which to drill. The current occupant of 1600 has done nothing more than talk about the modern equivelant of burning buffalo chips and using hamster wheels to generate energy. Meanwhile we are still importing 65-75 % of our energy needs.

Of course when the haloed one's cap and trade takes effect we will have no worries as most will have to choose between energy and food. Buffalo chips may be more appreciated at that time.

42 posted on 03/04/2009 10:34:53 AM PST by xkaydet65
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To: reaganaut1
"We begin our time in office after a long period in which our government was unwilling to make the long-term investments required to meet critical challenges in health care, energy and education..."

LOL! President Bush fully funded the *new* No Child Left Behind educational boost to federal spending (highest raise in school spending ever), opened up off-shore oil drilling and fully filled the nation's Strategic Petroleum Reserves, as well as fully funded prescription drugs for all U.S. senior citizens.

That the Left is reduced to outright lies in order to slander Bush just goes to show that they never had a viable platform of their own.

43 posted on 03/04/2009 10:49:02 AM PST by Southack (Media Bias means that Castro won't be punished for Cuban war crimes against Black Angolans in Africa)
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To: reaganaut1

Democratic Congress spends like a drunken sailor who just hit the Mega Millions. Democratic president signs off on it.

Bush’s fault!


44 posted on 03/04/2009 10:52:26 AM PST by RichInOC (No! BAD Rich! (What'd I say?))
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To: xkaydet65

Good points.


45 posted on 03/04/2009 11:09:13 AM PST by lmr
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To: FormerACLUmember
Geithner was a conspirator in the Fall meltdown. One commentator back then gave him credit for the bailout plan.
46 posted on 03/04/2009 1:04:53 PM PST by elpadre (nation)
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To: reaganaut1

Whom did George Washington blame his administration’s woes on?


47 posted on 03/04/2009 1:06:41 PM PST by GSWarrior (To activate this tagline please contact the admin moderator.)
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To: reaganaut1

I couldn’t quite believe the Drudge headline that a U.S. Secretary of the Treasury actually allowed the words “global warming” or “climate change” to slip out without so much as a snicker.

If there were any doubt, this completely dispells it: Geithner is a loon. We have a half-wit for a Treasury Secretary.


48 posted on 03/04/2009 3:29:29 PM PST by farmer18th (If I weren't so extremely intelligent, people would mistake me for George Clooney)
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To: elpadre
I would say he was really the architect. I love to keep articles from last September handy for days that Timmy testifies. When he gets going with his whoppers it's great to refer to quotes like this from the LA Times on 9/20/08:

Geithner's staff over previous weeks had studied the probable fallout of a potential Lehman bankruptcy and advised that the coming days, though difficult, would probably not be disastrous. He was ready to launch an effort to contain the damage in the financial markets.

Probably used the same study techniques for his budget.

49 posted on 03/04/2009 8:17:52 PM PST by 10Ring
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