Geithner Wants Biggest Budget-Deficit Cut Possible Now, No Short-Term Deal

[xchrom]

http://www.bloomberg.com/news/2011-07-10/geithner-wants-biggest-budget-deficit-cut-possible-now-no-short-term-deal.html

reasury Secretary Timothy F. Geithner said the Obama administration wants the most comprehensive deficit-cutting deal possible and reiterated that failing to raise the debt limit could have “catastrophic” consequences.

“We have to find a way to pass an agreement, but the president is going to keep working toward the largest deal we can do, because that’s the right thing for the country,” Geithner said today on NBC’s “Meet the Press” program.

Obama and congressional leaders are seeking a deficit- slashing deal to pave the way for a vote in Congress to increase the government’s $14.3 trillion debt limit, a move the Treasury Department says is needed by Aug. 2 to avert a default on the nation’s financial obligations.

Geithner said Congress has no alternative to raising the debt limit and there are no “constitutional” delays available. A default resulting from failure to raise the ceiling could do “catastrophic” damage to the U.S. economy, he said.







***the origin for the presidents words today?

[Hawkowl]

1. From Goldman Sachs lips....

straight to their lackey's lips, President Obama.

[xchrom]

3. the presser follows this pretty closely. nt

[Hardrada]

2. Shock Doctrine.