Geithner wants debt limit deal by next week

[PoliticAverse]

Source: Reuters

WASHINGTON (Reuters) - Treasury Secretary Timothy Geithner on Tuesday said that time is running out for a deal to raise the debt limit, and wants a broad agreement with Congress in place by the end of next week at the latest.

Speaking at a finance symposium at the Treasury Department, Geithner vowed that Congress would raise the debt limit ahead of an August 2 deadline when the government will risk default, adding, "Failure is not an option."

He said President Barack Obama will keep meeting with congressional leaders until a deal to raise the debt limit and slash future deficits is reached.

"We know we don't have a lot of time," Geithner said. "I think the leaders understand we don't have a lot of time, and we want to wrap up the broad outlines of an agreement by the end of this week -- certainly by the end of next week -- so that we have time to legislate it and put it in place."

Read more: http://news.yahoo.com/geithner-predicts-debt-limit-pact-reached-130030837.html

[Hubert Flottz]

1. Send him to talk to his "good friends" in the GOP.

I think he has the democratic votes.

[florida08]

2. Geithner wants? who the hell is he to want anything!

I see a train coming

[Demeter]

3. And don't forget the pony!

Or at least, a down-payment on the horse poop.

[Scottybeamer70]

4. who gives a damn what he wants.......

Was he just elected president or something, and we weren't notified?
Talk about runaway arrogance!

[thecrow]

5. If something isn't done soon

panicked people will start pulling their money out of the market.
Presto chango stock market crash.

Of course all the big investors will bet against the US (as in Cantor) and then buy back in as soon as a deal is made, making billions.

[Iliyah]

6. Maybe so

but if this is a betting proposal, they may lose the bet therefore sending the country into a major depression with them along for the terrible ride. We will see millionaires, billionaires and zillionaires committing bodily harm to themselves and God forgive to their familes and friends.

I guess this is what the God fearing Christians want - doomsday.

[No Elephants]

15. I am confident that billionaires and zillionaires will be just fine.

Not sure about the millionaires.

A million bucks is almost nothing anymore, especially if you count in the value of your home and cars. Then again, the value of your home is also almost nothing anymore.

[JDPriestly]

7. Geithner wants to destroy Social Security.

Geithner was appointed to chair the NY Fed by a committee headed by Pete Peterson.

When Obama chose Geithner as his Sec. of the Treasury, the die was cast. Social Security was to be gutted. And that is what Obama has done -- efficiently, cleverly, and with the (possibly unknowing) assistance of the Democratic Congress in his first two years.

Congress became so enamored with the task of passing a miserable health care reform bill that they couldn't deal with tax issues. For shame on the Democratic fools in Congress who did not see Timid Timothy Geithner for the scoundrel that he is.

I have to admit. I didn't know who Geithner or Peterson were at the time either.

We all learn. And when American seniors wake up and realize who Geithner and Peterson are, they will be furious. And the will vote their furor.

And the more we talk about Geithner, Peterson and Obama here on DU, the faster the news will spread.

[Iliyah]

8. Seriously

when the gop prez comes in you can bitch about them turning to government into a private business

"We the Corporations, and for the Corporations"

Prez O is not destroying SSI nor Medicare nor Medi-Cal nor Medicaid.

[JDPriestly]

10. Illyah, Obama is a slightly more moderate Republican than the Michelle Bachmann

types. The Democratic Party is my Party, but not all in it are my kind of Democrats.

I am 68. I have seen a lot of presidents. And for me the real Democrats were those I saw in the 50s and 60s. With the exception of his debt to Halliburton (then Brown & Root) and thus, his Viet Nam fiasco, Johnson was a solid Democrat -- the last of the solid Democrats.

Carter was pretty good, but he fell into traps on Afghanistan and deregulation.

I do not consider Obama to be on the same team as I am to the point that I will support him when I disagree with him.

I am not a Republican. I can't do anything about what the Republican Party stands for or who they nominate. That is why I am focused on trying to change things in the Democratic Party. I don't try to clean the street in front of my neighbor's house. I try to clean my own house. That is the way of the world. Start with yourself.

The Democratic Party under Obama is headed in a dreadful direction. It has fallen into the private is better thing. Private is not always better. And public is not always better either. It all depends. A president needs to have good judgment about these things. Obama does not. He does not understand economics at all. (He would probably admit this.) He relies on his aides in this regard, and he has chosen as his top authority on that issue, Timothy Geithner, who was chosen for the NY Fed's leadership position by Pete Peterson an arch-foe of Social Security.

And so now here we are. And yes, Obama is destroying Social Security and Medicare. Not only is he proposing cuts to Social Security and Medicare, cuts that will harm the most elderly and vulnerable of recipients, but he has proposed and obtained "vacations" on the employer's contributions into Social Security. And those "vacations" reduce the reserves in Social Security and weaken the system still further.

Obama misrepresented himself in the debates prior to the election -- at least with regard to Social Security. He appointed his Cat Food Commission with one purpose in mind -- eliciting recommendations that would favor cuts to Social Security.

Information is our only hope. You can check everything I am saying on Google. It's all from very reliable sources.

[No Elephants]

16. Great post. Thank you.

[defendandprotect]

24. We can no longer ignore that infiltration of Dem Party by Koch Bros/DLC reached highest levels.....

effecting all its candidates -- including our presidential candidates -- !!

[No Elephants]

17. Would a GOP President appoint Democrats to head Treasury and Defense?

[defendandprotect]

23. "Bernie Sanders to Obama: Keep Your Word on Social Security" -- Obama is the threat ....

not some next president -- who, btw, should be Sen. Bernie Sanders -- !!


We need two strong anti-war candidates --

Tom Hayden would make a good VP --


We need more democrats running for office and fewer Democrats who have been

pre-bribed and pre-owned by corporations -- including Koch Bros/DLC members!!



http://www.commondreams.org/headline/2011/07/13-5

[bahrbearian]

12. Yes , there are some scary deals being made, where is the transparency?

[No Elephants]

18. Probably the same place it was when the WH was making deals with

Big Health: in court, fighting FOIA suits.

[defendandprotect]

25. +1 -- rec --

and thanks for the reminders -- !!!

[defendandprotect]

22. +1 -- Certainly Obama is a threat to Social Security/Medicare --

and obviously so is Geithner -- don't know much about Peterson but agree

that we all need more info on these connections --


And trust that someone here has more info on all of this?

[Maven]

9. And then he's off to the Hamptons.

[JDPriestly]

11. Geithner speaks Chinese and is a friend of the Chinese.

He is also a Pete Peterson pick for the top position at the New York Fed. His loyalties are pretty clear. And one thing I am certain about is that he could care less about ordinary Americans.

[No Elephants]

19. And was a registered Republican until shortly before Obama appointed him.

Even then, he apparently couldn't bring himself to register Democrat, even with going down in history dangling before him, so he registered Indie.

What a sacrifice not to be able to vote in Republican primaries!

Wonder if he's changed back yet.

[defendandprotect]

26. -- rec

[theaocp]

13. Who is this fucker again?

And why hasn't he resigned already? If I found him on fire in the street, I wouldn't piss on him without clearing a check from him first. Ugh.

[No Elephants]

20. Is your unwillingness to piss on him something he's supposed to want to change?

Sorry, I couldn't resist.

[Javaman]

14. be afraid be very afraid of anything that little timmy wants. nt

[No Elephants]

21. Well, that should make Boner, Can't-er and Turtle Face fall in line.

They ignore Obama, but they're supposed to listen to Timmeh? True, he is one of their own, but come on.

Soon we'll hear from Summers again.

Media circus ops, but I have no problem with it. Hope it inflames America against the GOP. Not sure it will, but I hope it will.

[defendandprotect]

27. Looks like Geitner wants to strike on SS/Medicare while irons are hot --

and ducks in a row --