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 ...
Did GeithnerIdiot use TurboTax this year? =.=
Timothy Geithner = White House Chief minister of Economic Propaganda. Period.
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.
An Reid promptly tabled the bill that came from the house. LOL
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.
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)
And in the "cooling saucer" of the Senate, no less.
Bonds were issued yesterday morning so Reid made that up.
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.
Yes. The House should adjourn immediately.
Press these moronic DIMs to the wall. Let’s see your hand, you anti-Free-America mutants!
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.
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.
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
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.
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.
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
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