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Timothy Geithner: End debt ceiling for good? (Obama wants a No Limit Credit Card)
politico ^ | 11/30/2012 | By JOSEPH J. SCHATZ

Posted on 11/30/2012 3:28:06 AM PST by tobyhill

Nobody on Capitol Hill likes raising the debt ceiling.

But now Treasury Secretary Timothy Geithner wants to end the practice.

Forever.

GOP aides say that in talks with congressional leaders on Capitol Hill on Thursday, Geithner proposed a “permanent” increase in the debt ceiling — meaning changing the law so that Congress no longer has to approve an increase in the statutory borrowing cap, which has been in place since 1917.

He hinted at it in an interview with Bloomberg News a few weeks ago. But the fact that Geithner is proposing giving the administration such authority behind the scenes adds a new dimension to the idea.

The need for a separate vote on spending, and then the borrowing cap, is somewhat unique to the United States. “The United States is unusual among the countries we reviewed in using the authorization of additional borrowing authority as an occasion to draw attention to past fiscal policy decision,” the Government Accountability Office noted in a 2011 report.

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


TOPICS: Crime/Corruption; Extended News; News/Current Events
KEYWORDS:

1 posted on 11/30/2012 3:28:11 AM PST by tobyhill
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To: tobyhill

Turbo Tax Timmy the Tax Deadbeat is a raving lunatic. This is an insult. The retards in the commie Democrat Party are acting as though they’ve been doing tons of recreational drugs since the “election”.


2 posted on 11/30/2012 3:38:41 AM PST by FlingWingFlyer (Don't tax me bro! Tax that guy over there!)
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To: tobyhill

Behind the scenes is the Wall Street bankers playing their games shifting alliance from one party to the other. US Treasury is the agent of Wall Street bankers. They made an alliance with Obama during the 2008 primaries to escape prosecution for fraud that caused the financial implosion of 2008. Now we are approaching 2013, the last year on the 5 year statue of limitation for the crimes. Most of the major players settled with state and fed officials in hefty fines that are a fraction of the ill gotten profits. State and fed gov were more then happy to get the fines to fill their own gov coffers and fund their favorite programs in return. Only CA refused to play the game. Everyone else folded and took the fines (bribes) and allowed the banks to settle, seal the records, and officially dubbed not guilty to kill off any civil law suits that may hold the CEO’s personally responsible.
Now they join forces with Obama to get unlimited debt ceiling to fund their bailout and cheap money to prop up the stock market and toxic assets and dumping the liability on the taxpayers.


3 posted on 11/30/2012 3:39:01 AM PST by Fee
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To: tobyhill

Should not be any hesitation in answering this one. Smack it down with a note attached that their will be no increase unless there is an emergency such as an attack on the homeland.


4 posted on 11/30/2012 3:54:44 AM PST by reefdiver
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To: FlingWingFlyer

Look up the phrase “Overton window”. The Alinsksi method of “negotiating” (when they don’t just pull out firearms at the beginning) is to provide an opening position that is so over the top that reasonable people breath a sigh of relief when the Left finally agrees to something merely 200% beyond ridiculous. Tax revenue claims that are at least 4 times the amount of money you could possibly get from people earning over $250K and spending INCREASES instead of cuts were never meant to be taken seriously....unless they could get away with it. Like Hitler marching into the Sudetenland. If the Brits and French had immediately attacked Germany, tens of millions of lives would have been saved. The Republican collaborators are as pusillanimous as our WW II allies.


5 posted on 11/30/2012 3:56:14 AM PST by Pecos (Double tap: the only acceptable gun control)
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To: tobyhill

If the Pubs are smart, they will agree unanimously to ditch this club the Dems use on them.


6 posted on 11/30/2012 3:56:53 AM PST by 1raider1
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To: tobyhill

How about ending the Fed? If we’re going to flood the economy with printed money any way, let’s at least eliminate the debt aspect.


7 posted on 11/30/2012 4:18:22 AM PST by freedomfiter2 (Brutal acts of commission and yawning acts of omission both strengthen the hand of the devil.)
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To: tobyhill
Republic, representative, for the people by the people.
8 posted on 11/30/2012 4:19:05 AM PST by VaRepublican (I would propagate taglines but I don't know how. But bloggers do.)
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To: tobyhill

Here’s another idea: don’t raise the debt ceiling and let Obama deal with the consequences for the next two years.


9 posted on 11/30/2012 4:25:24 AM PST by rbg81
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To: tobyhill

What could possibly go wrong?


10 posted on 11/30/2012 4:28:54 AM PST by lowbridge (Joe Biden: "Look, the Taliban per se is not our enemy.")
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To: tobyhill

Why do I get the feeling this isn’t the only Enabling Act-type suggestions we’ll be seeing over the next four years?


11 posted on 11/30/2012 4:36:37 AM PST by RWB Patriot ("My ability is a value that must be purchased and I don't recognize anyone's need as a claim on me.")
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To: tobyhill

Maybe we shouldn’t borrow the money in the first place, rather than later deciding if we’re going to pay it back (aka, raising the debt ceiling).


12 posted on 11/30/2012 4:58:18 AM PST by Wolfie
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To: tobyhill

http://www.usdebtclock.org/

End pay, pensions, perks of all legislators (past and present...state and federal) until the debt clock is reversed, eliminated (without tax increases) and a surplus clock starts ticking.

Build a monument in states and Washington to the uncompensated legislators that get this accomplished.

“—That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, —That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.”

Alter it.


13 posted on 11/30/2012 5:07:14 AM PST by PGalt
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To: tobyhill

They already have a no-limit credit card...


14 posted on 11/30/2012 5:11:56 AM PST by ColdSteelTalon (Light is fading to shadow, and casting its shroud over all we have known...)
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To: tobyhill

FUTG


15 posted on 11/30/2012 5:12:47 AM PST by PGalt
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To: tobyhill

The only reason to end the debt ceiling is to allow ‘Rats to more quickly collapse the dollar. As tyranny ramps up, Americans are more and more catching on to what their left hands are doing. The ‘Rats will need to speed things up, carefully balancing the “transformation” against the inevitable resistance as a result of more of us figuring out what exactly they are up to.


16 posted on 11/30/2012 5:14:03 AM PST by C210N (In favor of private rights and public happiness)
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To: tobyhill

This is an attempt to take the power of the purse away from the House of Representatives.


17 posted on 11/30/2012 5:20:34 AM PST by cotton1706
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To: tobyhill

Obama and company are like confirmed alcoholics arguing with their Republican wives over the family budget.

O&C: “Okay, we’ll take out a third mortgage on our home, sell the car, you can street walk, and make our young children do yard work around the neighborhood for money so I can buy more booze.”

Republicans: “No more booze. We cannot afford booze. We have no more money for booze.”

O&C: “You’re being unreasonable. Our only alternative is to buy more booze. We have to have more booze. You have to let me buy booze any time I want because I have to have more booze, and I hate having to ask your permission to get more booze!”

Republicans: “Look, we are willing to take out one more loan, like the loans we have been taking out for four years now, but you have to promise to at least drink less.”

O&C: “No! It is essential that we drink MORE! All that wonderful booze. It’s the only reason that people *like* me, because I buy drinks for my friends too! So what if the kids wear rags and don’t eat food! The sooner they learn to drink booze the better! You just want to take my booze away from me because I’m black and you’re racist!”

Republicans: “Just stop it right now! All the other times you at least said you might cut back if we got you more money for booze, even though you didn’t. We keep prostituting ourselves out, hoping against hope that you will keep your promises, but you never do! And you aren’t even willing to cut back at all, but want all the money everywhere to buy your damned booze!”

O&C: “I’m going to tell all the reporters who love me that you are hateful and unreasonable, and they’ll take my side, and say you are only doing this because you’re mean and want to hurt old people and children!”

(An ending? Sorry. This doesn’t end, at least for a little while, when the Republicans give up and buy a bunch more liquor for Obama to drink himself into a stupor for a while.)


18 posted on 11/30/2012 5:32:10 AM PST by yefragetuwrabrumuy (Pennies and Nickels will NO LONGER be Minted as of 1/1/13 - Tim Geithner, US Treasury Sect)
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To: ColdSteelTalon

He wants a no limit credit card so he be just like his son, Trayvon, a “No limit nigga”.


19 posted on 11/30/2012 5:33:50 AM PST by 17th Miss Regt
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To: tobyhill

I may be mistaken, but the facebook handle “no limit ni@@a” has recently become available.


20 posted on 11/30/2012 5:38:48 AM PST by SJSAMPLE
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To: 17th Miss Regt

Dammit.
You beat me by five minutes.


21 posted on 11/30/2012 5:39:31 AM PST by SJSAMPLE
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To: tobyhill

F**K YOU TED!


22 posted on 11/30/2012 5:46:54 AM PST by NRA1995 (CNN should be PNN (Propaganda, Never News))
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To: tobyhill

Sheriff of Nottingham Timmy Gee has never understood Checks and Balances.


23 posted on 11/30/2012 5:47:27 AM PST by Graewoulf ((Traitor John Roberts' Obama"care" violates Sherman Anti-Trust Law, AND the U.S. Constitution.))
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To: cotton1706
This is an attempt to take the power of the purse away from the House of Representatives.

I think you are exactly right.

24 posted on 11/30/2012 5:48:35 AM PST by OldPossum
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To: tobyhill

If the ceiling is removed to allow infinite spending, the government will find a way to reach infinity...


25 posted on 11/30/2012 5:57:21 AM PST by trebb (Allies no longer trust us. Enemies no longer fear us.)
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To: 17th Miss Regt; SJSAMPLE

26 posted on 11/30/2012 5:58:10 AM PST by EEGator
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To: tobyhill

If the Dems ever control both houses of Congress again it will happen faster than you can say Walking Around Money


27 posted on 11/30/2012 6:07:22 AM PST by Buckeye McFrog
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To: OldPossum

This has been done by tyrants before. The colonial legislatures frequently used to reign in the royal governors and the courts by withholding their pay and their funding. Then the King made there compensations come directly from Parliament, leaving the assemblies with very little power or leverage.

So we removed the king. And the lower, more numerous houses of the legislatures always held the monetary power.


28 posted on 11/30/2012 6:15:05 AM PST by cotton1706
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To: tobyhill; jimrob
The problem is not the debt ceiling, which by the way has been nonexistent for the past four years because there has been no budget. If there was to be a budget then there would be a budget constraint. Hence, this President and the Democrats win with no budget and the ability to continue unlimited printing of money. The Republicans are complicit in this obvious dereliction of Congressional duty and are enjoined with the President it raping the American people. No budget is a license to steal - and it is a way to do an end run around fiscal sound process of imposing constraints contained within a Budget; Continuing Resolutions allow the government to operate without a Budget. This is the entire problem in a nutshell.
29 posted on 11/30/2012 6:17:03 AM PST by Jumper
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To: reefdiver
Should not be any hesitation in answering this one. Smack it down with a note attached that their will be no increase unless there is an emergency such as an attack on the homeland.

That would be an invitation to stage a "wag the dog".

No increase unless Congress approves.

Regardless of the credit card limit, you reach your real limit when the monthly payments exceed your income.

30 posted on 11/30/2012 6:33:46 AM PST by PapaBear3625 (You don't notice it's a police state until the police come for you.)
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To: tobyhill
Give the SOB whatever he wants, and make sure he owns it.

We are long past the point of no return.

The sooner the global economy collapses and the bloodshed begins, the sooner the survivors can start rebuilding.

31 posted on 11/30/2012 7:05:09 AM PST by E. Pluribus Unum (Labor unions are the Communist Party of the USA.)
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To: tobyhill

FUTG. This idea should be DOA ! That a-hole should be in prison and IMHO, part of those responsible for the 2008 crash.


32 posted on 11/30/2012 7:05:18 AM PST by CORedneck
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To: tobyhill

Honestly they might as well. It’s not like the debt ceiling has accomplished anything. Hasn’t slowed spending, hasn’t spawned fiscal responsibility, all it’s done is make them increase it every couple of years. For all intents and purposes it doesn’t exist, they might as well make it official.


33 posted on 11/30/2012 7:08:08 AM PST by discostu (Not a part of anyone's well oiled machine.)
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To: tobyhill

might as well. It would make it easier on the Republican’s asses. The Democrats would not have to ream them as often. And the Democrats get what they want everytime anyhow.


34 posted on 11/30/2012 7:13:41 AM PST by sport
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To: Pecos

I did look up the phrase, thanks for the suggestion. It sounds more like Overton death or “Door In the Face” negotiation tactics you are describing though.


35 posted on 11/30/2012 9:18:44 AM PST by jurroppi1
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