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Geithner Tells Reid That Congress Must Act Quickly On Debt Ceiling
NASDAQ.com ^ | July 29, 2011 | Tom Barkley

Posted on 07/30/2011 3:21:36 AM PDT by Son House

U.S. Treasury Secretary Timothy Geithner told Senate Majority Leader Harry Reid (D., Nev.) Friday that Congress must quickly to raise the debt ceiling to ease market uncertainty.

During a morning phone conversation, Geithner "underscored the need for congressional action to avoid creating more uncertainty for the economy and financial markets," a Treasury spokesperson said.

Reid disclosed what he called a "very sobering conversation" earlier Friday.

Based on the call, Reid said businesses were having trouble borrowing outside of short-term lending

"They can't borrow more money than overnight because no one knows what the interest rate will be tomorrow," said Reid.

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


TOPICS: Business/Economy; Front Page News; Government; News/Current Events
KEYWORDS: ceiling; debt; geithner; reid
Either Geithner didn't underscored his point enough, or Senator Reid has a bad memory? Well, at least Geithner covered that base...
1 posted on 07/30/2011 3:21:39 AM PDT by Son House
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To: Son House

Did GeithnerIdiot use TurboTax this year? =.=


2 posted on 07/30/2011 3:23:34 AM PDT by cranked
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To: cranked

Timothy Geithner = White House Chief minister of Economic Propaganda. Period.


3 posted on 07/30/2011 3:33:57 AM PDT by SpaceBar
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To: Son House
Hey buddy good catch here.

The Marxists are up to their old tricks again. wait until the last minute, declare an emergency, and then claim the world will collapse if they don't get their way.

If zero had given tarp money or stimulus money to small businesses to begin with we would not be here now.

4 posted on 07/30/2011 3:40:54 AM PDT by rodguy911 (FreeRepublic:Land of the Free because of the Brave--Sarah Palin 2012)
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To: Son House

An Reid promptly tabled the bill that came from the house. LOL


5 posted on 07/30/2011 3:50:55 AM PDT by cripplecreek (Remember the River Raisin! (look it up))
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To: Son House
In all honesty, I think the best thing to happen would be for the US to default on Tuesday (although I don't believe it will happen - its just a scare tactic by the Left).

But, if the US defaults, then Obama will get the blame. ("The Buck Stops Here," etc.). The next President, a Republican elected in 2012, with the help of a Republican House and Senate, can clean up the financial mess caused by Obama, and restore the US to a AAA rating.

6 posted on 07/30/2011 3:52:20 AM PDT by Cowboy Bob (Greed + Envy = Liberalism)
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To: Cowboy Bob

Yes, the longer it gets dragged out, the more the TEA party can provide information as to how we got here, and how quit spending more then you take in fixes it(so simple an elected Democrat wouldn’t understand)


7 posted on 07/30/2011 4:02:17 AM PDT by Son House (The Economic Boom Heard Around The World => TEA Party 2012)
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To: Son House
Catastrophic and unexpected!
8 posted on 07/30/2011 4:03:55 AM PDT by clintonh8r (Happy to be represented by Lt. Col. Allen West (this tagline under review))
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To: rodguy911
Yes, too bad there isn't a transcript of that "very sobering conversation" earlier Friday. Been waiting all week to see if these two would square off, being it is Reid who is causing the most damage before another 'economic expert'(?) leaves the administration
9 posted on 07/30/2011 4:04:46 AM PDT by Son House (The Economic Boom Heard Around The World => TEA Party 2012)
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To: rodguy911
-- ... wait until the last minute, declare an emergency, and then claim the world will collapse if they don't get their way --

And in the "cooling saucer" of the Senate, no less.

10 posted on 07/30/2011 4:05:16 AM PDT by Cboldt
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To: Son House

Bonds were issued yesterday morning so Reid made that up.


11 posted on 07/30/2011 4:05:27 AM PDT by wiggen (The teacher card. When the racism card just won't work.)
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To: Son House

Democrats tabled the law passed by the House. There it sits. Let’s see the hateful Senate democrats do better in time to save the US economy they have been screaming about.


12 posted on 07/30/2011 4:08:10 AM PDT by Rapscallion (Consider what is really at stake in the 2012 election? Hint: It's your republic.)
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To: Son House

Yes. The House should adjourn immediately.


13 posted on 07/30/2011 4:21:38 AM PDT by UnbelievingScumOnTheOtherSide (REPEAL WASHINGTON! -- Islam Delenda Est! -- I Want Constantinople Back. -- Rumble thee forth.)
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To: UnbelievingScumOnTheOtherSide

Press these moronic DIMs to the wall. Let’s see your hand, you anti-Free-America mutants!


14 posted on 07/30/2011 4:24:56 AM PDT by hal ogen (First Amendment or Reducation Camp?)
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To: Son House
Exactly Son!

If we had a msm/dbm that would tell the truth it would be that all Dingy Harry and the other Marxists are interested in is getting new taxes. They know that any budget constraints will only last a year but taxes are forever.

It's the Marxist way,tax and spend,reinvent themselves,tax and spend some more.

15 posted on 07/30/2011 4:29:31 AM PDT by rodguy911 (FreeRepublic:Land of the Free because of the Brave--Sarah Palin 2012)
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To: Cboldt

Talks about an utterly useless body of govt. the Senate must be a lawyers paradise.Thank God for a few Marco Rubios, and Rand Pauls.


16 posted on 07/30/2011 4:31:26 AM PDT by rodguy911 (FreeRepublic:Land of the Free because of the Brave--Sarah Palin 2012)
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To: Son House

Nobody in DC wants to correlate the rising debt ceiling with declining jobs.

The rising debt ceiling has two consequences....

more regulation ...

to occupy employees in expanding federal bureaucracies...which expand because “they have more money” and another layer of bureaucrats need their 20 year promotions... Each round of regulatory expansion is the effective equivalent of another targeted tax increase on the object of the regulation.

more taxes...

The rising debt ceiling has demands and expectations of creditors for new elements of “revenue raising” by the Feds...taxes or fees.

In this strangling environment job creation is simply NOT possible.

In fact the only logical conclusion..can be ..is that the Federal apparatus -initially an asset to the United States..by virtue of its abilities to raise an effective Navy in the late 1700’s, and early 1800’s to facilitate overseas trade on behalf of the States, has become nothing other than the States greatest liability at this point in time. In the absence of profound regulatory and taxation reform-which is not capable of coming from the same minds that created the problem..we may well be at the end of the line.

For DC to face this fact...means the end of the K St-Congressional Party cycle in DC


17 posted on 07/30/2011 4:32:08 AM PDT by mo
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To: wiggen

Of course he made it up.
Did you notice that Moody’s issued a statement late Friday that we would “likely keep it’s triple-A credit rating as long as Vashington works out a deal that lets it continue to pay bondholders.” and
“Revenues would be more than adequate for some period of time to meet those payments, although other outlays would be severely reduced as a result.”

and from S&P...
The announcement by Moody’s on Friday followed favorable comments Wednesday by Deven Sharma, the president of Standard & Poor’s. He told a congressional committee that some of the deficit-cutting plans Congress is considering would lower the U.S. debt burden enough to allow the country to retain its triple-A rating.

And we (they) knew this all along. Come on.. face it...
China, Japan, bondholders in general don’t give a rat’s
a$$ if funding for shrimp treadmills or studies of drunk prostitutes is cut off! As long as bonds are paid off, continued financing is available.
This whole charade has just been a brinksmanship exercise to increase Obumo’s credit card limit...Period
Nothing is going to change for the better until we kick Obumo and the “establishment” politicians FROM BOTH PARTIES out of government.


18 posted on 07/30/2011 4:46:25 AM PDT by bossmechanic (If all else fails, hit it with a hammer)
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To: bossmechanic

If they don’t cut spending enough then we’re supposed to be downgraded. One of the agencies even put a number on it. 4T.
If they change their story i can only guess that they received a very stern phone call from someone high up in our government.


19 posted on 07/30/2011 4:50:45 AM PDT by wiggen (The teacher card. When the racism card just won't work.)
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To: rodguy911
Agree with you, rodguy911.

Maybe this is part of Obama “bluff!”

Reid says it was a “sobering” conversation with Geitner.

Sobering is only one word you could call it. Congress (s), over time. have wrecked US economy. NOW they cry like they didn't see it coming until just now.

My vote: No Confidence in federal gov’t. Either they are zooming us or they are just that stupid.

They act like the kid who has had 6 weeks to complete an assignment but doesn't start working on it until the night before its due

20 posted on 07/30/2011 5:10:13 AM PDT by hummingbird (Help keep Guam from tilting...still not tilting...)
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To: Son House

The headline should read:

“Geithner Attempts to Stampede Congress onto Acting Irrationally.


21 posted on 07/30/2011 6:00:24 AM PDT by chainsaw (I'd hate to be a democrat running against Sarah Palin.)
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To: Son House

The headline should read:

“Geithner Attempts to Stampede Congress Into Acting Irrationally.


22 posted on 07/30/2011 6:01:04 AM PDT by chainsaw (I'd hate to be a democrat running against Sarah Palin.)
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To: Son House

The only reason to hurry is that DumBO can go to his birthday fund raisers and gloat.


23 posted on 07/30/2011 6:27:03 AM PDT by depressed in 06 (I'll follow an eloquent Allen West out of hell.)
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To: Son House
Based on the call, Reid said businesses were having trouble borrowing outside of short-term lending

"They can't borrow more money than overnight because no one knows what the interest rate will be tomorrow," said Reid.

Just s couple of weeks ago or so, 0dumb0 and the dimturds & Geithner were accusing businesses of sitting on piles of cash and that it was their patriotic duty to go out and start hiring, irregardless of concerns over the economy or recession. So what happened Timmy & Dirty Dingy? Did the businessses all of a sudden lose their "piles" of cash and now are in desperate straits that they need to borrow cash? These dimturds can't keep their lies straight. However thankfully they can be assured the partisan socialist dimturd MSM will never call out this flip flop.

24 posted on 07/30/2011 7:02:30 AM PDT by rcrngroup
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To: hummingbird
It's all a con job.

These are the clowns that passed huge spending bills in addition to a homewrecker obamacare, ran up the debt right to the top, didn't have the guts for a budget and then come to us to solve it all and take the blame.

It's all a con and Boehner appears to be falling for it.

25 posted on 07/30/2011 4:16:14 PM PDT by rodguy911 (FreeRepublic:Land of the Free because of the Brave--Sarah Palin 2012)
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To: rcrngroup
Newt Gingrich had a classic comment early last week on Bill Bennetts' show:

The dems think they can lie faster than we can tell the truth

I am trying to never ever forget it its was so good!!

26 posted on 07/30/2011 4:18:39 PM PDT by rodguy911 (FreeRepublic:Land of the Free because of the Brave--Sarah Palin 2012)
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