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The House's package of spending cuts would "undermine and damage our capacity to create jobs and...

The House's package of spending cuts would "undermine and damage our capacity to create jobs and expand the economy," warns Geithner, who refused to comment on whether the government could face a shutdown over a budget impasse.
Comments (56)
  • Neil459
    , contributor
    Comments (2644) | Send Message
     
    What a load of crap. It barely touches the waste and corruption that exists in Washington. I for one am tired of the gimme, gimme, and gimme some more money management philosophy in Washington.
    19 Feb 2011, 03:24 PM Reply Like
  • bricki
    , contributor
    Comments (1099) | Send Message
     
    The Republicans passed a budget with mere token cuts thus betraying the hopes of the Americans who voted for them. This is a disgrace.
    19 Feb 2011, 06:52 PM Reply Like
  • bigbenorr
    , contributor
    Comments (773) | Send Message
     
    Well its hard with so much of the budget marked as "mandatory"
    19 Feb 2011, 08:30 PM Reply Like
  • Rdavid
    , contributor
    Comments (21) | Send Message
     
    The $61 billion is only until Oct 1 when FY 2012 begins and is in response to the end of a continuing spending resolution passed in the lame duck session of congress. The House Republicans have not released an FY 2012 budget yet.
    20 Feb 2011, 06:06 PM Reply Like
  • Tack
    , contributor
    Comments (13569) | Send Message
     
    The old Soviet Union became the repository of all capital and the provider of all jobs. There was virtually no "statistical" unemployment because everybody receiving government funds was doing a "job," even if it was just spying on their next-door neighbor.

     

    It was such a robust and dynamic system. Why couldn't we just emulate that here?
    19 Feb 2011, 04:03 PM Reply Like
  • Poor Texan
    , contributor
    Comments (3531) | Send Message
     
    We're trying.
    19 Feb 2011, 11:36 PM Reply Like
  • Valley Boy
    , contributor
    Comments (2201) | Send Message
     
    Many of the Soviet jobs involved being extras in movies. They must have had at least a little bit of enjoyment doing it. Many of the movies can now be seen on the online tube sites.
    19 Feb 2011, 11:48 PM Reply Like
  • ebworthen
    , contributor
    Comments (2811) | Send Message
     
    Oh no, we are smarter.

     

    We are combining centralized planning with crony capitalism.

     

    It takes longer to get to a state of dysfunction and collapse because you have people running in both directions, and if you bring in enough immigrants (legal or illegal) you keep the hamster wheels humming a little longer.

     

    Same lack of morality, ethics, and self-determination - just the illusions of having it and hitting the button that gives you a feed pellet along with a red or blue light.
    19 Feb 2011, 11:57 PM Reply Like
  • enigmaman
    , contributor
    Comments (2686) | Send Message
     
    Geithner has to cover for and justify the Presidents drunkin 2 yr + spending spree, so he and the admin profess if anything is cut from the budget or not funded( Obamacare) jobs will be lost and the economy will fall back into recession, if the economic picture worsens just be ready to hear them blame it on the Republicans as they scream " We told you so"

     

    I say damn the Dems and the unions, To quote Obama " elections have consequences" so sharpen the knives and cut away as fast and as deep as needed to get federal spending under control
    19 Feb 2011, 04:20 PM Reply Like
  • alphaman991
    , contributor
    Comments (94) | Send Message
     
    Don't you mean "Geithner has to cover for and justify GW Bush's drunken 8 yr spending spree, followed by Obama's 2+ year spending spree."?

     

    Oh right, everything that happened before 2009 has magically corrected itself, only Obama is responsible for the current deficit mess. Very convenient.
    19 Feb 2011, 06:23 PM Reply Like
  • Lakeaffect
    , contributor
    Comments (1047) | Send Message
     
    Alpha - If Bush's strategy was so wrong, then why did Obama expand the same strategy and quintuple the annual Bush deficit, for now going on three years?
    19 Feb 2011, 09:09 PM Reply Like
  • Tomcat101
    , contributor
    Comments (963) | Send Message
     
    How long before Obama takes responsibility for his economy??? We still gonna be blaming Bush for this 50 years from now?
    19 Feb 2011, 10:16 PM Reply Like
  • ebworthen
    , contributor
    Comments (2811) | Send Message
     
    Geither/Obama, Greenspan/Bush, Hoover/Roosevelt, Hitler/Stalin.

     

    Oppression is oppression.

     

    Sometimes the leaders are the oppressors and sometimes they are idealogues who are puppets of the monied and/or military.

     

    Politics is the distraction.

     

    Geithner is a tax cheat in charge of the Department of the Treasury, what more do you need to know?
    20 Feb 2011, 12:05 AM Reply Like
  • watsonj1
    , contributor
    Comments (52) | Send Message
     
    Obama, doesn't have a clue. He doesn't know anything but left wing ideas that never have worked. Wake up.
    20 Feb 2011, 06:38 AM Reply Like
  • Rolo
    , contributor
    Comments (147) | Send Message
     
    Because the lobbyists have our government by the balls. They call the shots.
    20 Feb 2011, 11:10 AM Reply Like
  • Rolo
    , contributor
    Comments (147) | Send Message
     
    Deregulation helped get us here... that's not a left wind idea.
    20 Feb 2011, 11:11 AM Reply Like
  • spald_fr
    , contributor
    Comments (2733) | Send Message
     
    Rolo: "Because the lobbyists have our government by the balls. They call the shots."

     

    I was in Washington DC all last week, meeting with industry groups (i.e. lobbyists) to restrict the implementation of adverse policy by the USEPA and the FDA. There ARE lobbyists who are utilized to reduce or stop the spread of Federalism, ostensibly to help the U.S. commercial environment.
    20 Feb 2011, 02:03 PM Reply Like
  • mikeybronx
    , contributor
    Comments (347) | Send Message
     
    hello sapld_fr,

     

    are there lobbyists who are lobbying to extend the approved list of generic drugs that are existing in europe but are kept out of the U.S market by big pharma? and what is happening with the U.S. gov't attempt to take vitamin supplements off the OTC shelves? if you are permitted to share it would be greatly appreciated. thank you.
    20 Feb 2011, 02:16 PM Reply Like
  • spald_fr
    , contributor
    Comments (2733) | Send Message
     
    mikeybronx:

     

    "are there lobbyists who are lobbying to extend the approved list of generic drugs that are existing in europe but are kept out of the U.S market by big pharma?" Yes, lobbyists for companies such as Teva, Mylan, Barr, Novartis, etc. To be fair, big pharma legally claim patent protection for their substances.

     

    "and what is happening with the U.S. gov't attempt to take vitamin supplements off the OTC shelves? if you are permitted to share it would be greatly appreciated. thank you." There is a bill from the 111th Congress, S 510, on President 0bama's desk, sponsored by Richard Durbin (D, IL), that seeks to increase governmental review of a number of foodstuffs including herbal supplements (such as mango, ginseng, Guarana, etc) but, to my understanding, not classic vitamin supplements such as B6, B12, folic acid, Vitamin C, etc.
    20 Feb 2011, 02:58 PM Reply Like
  • Rdavid
    , contributor
    Comments (21) | Send Message
     
    Bush accumulated $4.3 trillion in debt over 8 years. Obama will have added $6.7 trillion in debt in 4 years (FY 2012 budget is the 4th year).

     

    Bush looks like he has been drinking diet cola compared to Obama.
    20 Feb 2011, 06:11 PM Reply Like
  • Joe Morgan
    , contributor
    Comments (1500) | Send Message
     
    Excellent bill by the republicans, it was less than I expected(100B)...
    nevertheless is in the right direction.....

     

    Next year, they should cut 100B.....
    19 Feb 2011, 04:31 PM Reply Like
  • Jasper M
    , contributor
    Comments (1652) | Send Message
     
    (*sputter*) And WHAT "capacity" is that?! They have been spending like (insert favorite analogy), making even Bush the Younger look restrained – and we have bupkis to show for it!

     

    If tiny Timmy can't admit that the theories his actions proceed from have failed, then it is time for him to be removed.
    19 Feb 2011, 05:07 PM Reply Like
  • mikeybronx
    , contributor
    Comments (347) | Send Message
     
    tiny tim has certainly been tip toeing through the tulips
    19 Feb 2011, 05:22 PM Reply Like
  • wyostocks
    , contributor
    Comments (8231) | Send Message
     
    Mikey: you are getting very creative. Keep it up.
    20 Feb 2011, 11:29 AM Reply Like
  • The Geoffster
    , contributor
    Comments (4013) | Send Message
     
    Does anybody believe any of the nonsense spouted by politicians in D.C.? They're all vultures fighting over a dead carcass.
    19 Feb 2011, 05:21 PM Reply Like
  • Michael2343
    , contributor
    Comments (457) | Send Message
     
    Have you seen Geither speak? I have rarely seen someone lie so much in front of a camera. He might as well be saying the moon is made of cheese, so we are sending up a special delivery of milk in the space shuttle to increase the amount of light at night, to create more solar power. That's how ridiculous his statements are.

     

    What a joke, they don't care about jobs. It's more profitable for them to screw the poor and give out welfare, while funding wall street crooks like who will ensure their families for the next several generations have trust funds to live off.

     

    I am certain that someone in this country can figure out the jobs problem and the fiscal problems faced by/caused by the government. But no one with any skill or talent wants to run for office, nor could ever win any election.

     

    There is way too much leniency on the ties that all of our elected and appointed officials have to large corporate boards and big banks. These guys fund the campaigns and decide who the American people will vote on.

     

    Is it ANY surprise that the result of all this is a stock and commodities bubble and high unemployment at the low end!

     

    This is Thomas Jefferson's nightmare - the destruction of the economy to ensure the prosperity of < 1% of the population.
    19 Feb 2011, 06:04 PM Reply Like
  • mikeybronx
    , contributor
    Comments (347) | Send Message
     
    “I am for a government rigorously frugal and simple, applying all the
    possible savings of the public revenue to the discharge of the national
    debt, and not for a multiplication of officers and salaries merely to
    make partisans, and for increasing, by every device, the public debt on
    the principle of its being a public blessing.”
    ...-- Thomas Jefferson
    19 Feb 2011, 06:19 PM Reply Like
  • bigbenorr
    , contributor
    Comments (773) | Send Message
     
    wow, well said
    19 Feb 2011, 08:36 PM Reply Like
  • joe kelly
    , contributor
    Comments (1776) | Send Message
     
    Which military bases would you guys close? Good luck getting any republicans, hell, anyone, to go along with that.

     

    Which weapons systems would you shutter. We spend over 600 billion on defense and that doesn't count the nuclear arsenal which is under the Dept. of Energy. China spends 75 billion.

     

    Now who's jobs and contracts will you guys eliminate?
    19 Feb 2011, 07:40 PM Reply Like
  • Wyatt Junker
    , contributor
    Comments (4503) | Send Message
     
    Nice try, lefty, but you fail like elderly bowels in a warm jacuzzi.

     

    First, while waste can certainly be cut from defense keep in mind it is DEFENSE which is the damn near only CONSTITUTIONAL authorized form of spending the founders admitted in their doc.

     

    Now, go ahead and disabuse the general welfare clause like a good little parrot troll.
    19 Feb 2011, 10:28 PM Reply Like
  • davidbdc
    , contributor
    Comments (3165) | Send Message
     
    I'd happily agree to consolidate commands across the globe - there are too many of them and its too much redundancy. I'd be fine with closing 1/3 of our bases - Japan, South Korea, and Germany are strong democracies that are nice places to visit but not places we need multiple bases. I'd also vote for forcing the military to close 40% of their "small" bases around the world - depending on what article you read we have several hundred to 1000 of them. Time to make tough choices.

     

    I'd kill the joint helcopter/figher thing that they have been trying to build for a decade - everything I read says it leaves our troops in worse danger when landing/taking off than the old helicopters.

     

    I'd bring the troops home from Afghanistan and Iraq. Personally I believe that we have to stop fighting "cnn" wars. Either we fight wars with the understanding that they are cruel and terrible but necessary actions or we just don't fight. Folks seem to forget Dresden. Now we read about every civilian casualty, and we put our own troop's lives at risk because we do things differently.

     

    And finally, I'd totally support getting rid of many of the DoD's contracts. I don't believe we should be outsourcing security, etc.

     

    I think you'll find most conservatives agree that defense spending is out of line and has to be cut dramatically over the next couple of years.
    20 Feb 2011, 07:40 PM Reply Like
  • mike mohr
    , contributor
    Comments (452) | Send Message
     
    Cut from social services, education and fill the banks pocket with our tax money. Soon there is nothing to TAX, then go after Social Security, whatever is left of 401K.
    19 Feb 2011, 08:54 PM Reply Like
  • mikeybronx
    , contributor
    Comments (347) | Send Message
     
    this is exactly the reason we need Pelosi to take the first broom flight out of D.C.
    20 Feb 2011, 02:23 PM Reply Like
  • dividend_growth
    , contributor
    Comments (2895) | Send Message
     
    Deep cuts in R&D, more money for coal & oil companies, and no cuts in entitlement spending? These guys are nuts!
    19 Feb 2011, 08:56 PM Reply Like
  • ebworthen
    , contributor
    Comments (2811) | Send Message
     
    So the $36,000 tax cheat is telling us how to spend or not spend taxpayer money?

     

    Why is Geithner not in jail or covered with eggs again?
    19 Feb 2011, 11:52 PM Reply Like
  • The Last Boomer
    , contributor
    Comments (900) | Send Message
     
    Our politicians are adorable. First they create a trillion dollars hole in the budget by extending the Bush's tax cuts and then they cut spending by 60B to fill the hole. They proved that $1T = $60B. They deserve a Nobel prize in mathematics.
    20 Feb 2011, 12:00 AM Reply Like
  • Wyatt Junker
    , contributor
    Comments (4503) | Send Message
     
    You think giving politicians more of our capital will somehow make them more responsible, turning them into fiscal wunderkinds?

     

    Hey, YOU can send them more of YOUR money any time. No one is stopping you. But last time I checked, that tax "cut" also let me have more of my own money and I'm not Carl Ichan.

     

    The problem is spending, not (dis)allowing us to keep what we've earned. They will spend whether they have our money or not. That was never the issue.

     

    The Tea Party is right. The Teat Party is not.
    20 Feb 2011, 12:05 PM Reply Like
  • ebworthen
    , contributor
    Comments (2811) | Send Message
     
    Politics is the distraction.

     

    Revolt is the only answer.
    20 Feb 2011, 12:08 AM Reply Like
  • Cincinnatus
    , contributor
    Comments (3653) | Send Message
     
    "undermine and damage our capacity to create jobs and expand the economy."

     

    By this of course he means government jobs - aka unionized bureaucrats. And he means "expand the government's share of the economy" - not the economy as a whole.
    20 Feb 2011, 03:27 AM Reply Like
  • joe kelly
    , contributor
    Comments (1776) | Send Message
     
    How much are the Koch Bros. paying the lemmings to spout their nonsense here? Simple fact is republican borrowing and mismanagement caused the 2008 meltdown. It was 40 years in the making, starting with that screw the middle class trickle down crap.

     

    Instead of telling those that benefit the most from the greatness of America, you bow down in homage to Reagan and demand those that benefit far less pay more.
    Most of you are middle class like me. If you were fabulously wealthy you wouldn't be reading Seeking Alpha looking for guidance.

     

    Mos
    20 Feb 2011, 08:43 AM Reply Like
  • mikeybronx
    , contributor
    Comments (347) | Send Message
     
    hi Mr. Kelly,
    truth be told whether it be popular comment or not by using a class system middle class has 3 tiers in itself, lower-middle-upper. the range in annual wealth/income is somewhere between $3 to $50 million for upper, $1 to $3 million for middle and $250,000 to $1 million for lower. many individuals elevate their social standings / class wealth in life by associating themselves with ownership of finer above average lifestyles. i do not believe that upper and upper middle class will ever grace the pages of SA as fluently as most of the well educated, well written good people that do so now on a steady basis if at all. grant you the wealhty in the investing business who give paid column advice and have wealthy clients i exclude from this group like the Cramer's, Tepper's etc. of the world. And i would not dismiss finding an occassional wealthy eccentric sharing wisdom.
    20 Feb 2011, 09:12 AM Reply Like
  • Duude
    , contributor
    Comments (3383) | Send Message
     
    Why does the administration feel more government jobs is the cure that ails us?
    20 Feb 2011, 12:35 PM Reply Like
  • wyostocks
    , contributor
    Comments (8231) | Send Message
     
    Its all about control of us.
    20 Feb 2011, 12:41 PM Reply Like
  • Valley Boy
    , contributor
    Comments (2201) | Send Message
     
    It is a power thing. More government jobs give a boost for the power brokers wanting to build up their bureaucratic fiefdoms.
    20 Feb 2011, 12:43 PM Reply Like
  • Tack
    , contributor
    Comments (13569) | Send Message
     
    Duude:

     

    The simple answer to that question is that politics is about power, not economics.

     

    The modern Democratic Party has based its foundation on the creation and ever-enlarging expansion of voters, who are dependent upon its largesse for their jobs, handouts, welfare, entitlements, etc., as infinitum. They care no more that most of the country's citizens might be impoverished by their policies than did the elite Soviet ruling class, comfortable in their countryside dachas.
    20 Feb 2011, 12:44 PM Reply Like
  • JLW
    , contributor
    Comments (13) | Send Message
     
    The total US government budget is $3.5 trillion. $60 billion represents a mere 1.7%. If we can't agree on how to get this done, how can we ever agree on how to cut another 40% just to get to a balanced budget. The math is simple. Something needs to be done now. Sadly, it 's probably already too late.
    20 Feb 2011, 01:35 PM Reply Like
  • joe kelly
    , contributor
    Comments (1776) | Send Message
     
    Great comeback Wyatt. You think of that yourself?

     

    Tell me waht spending you'd cut and what taxes you'd raise.
    20 Feb 2011, 03:48 PM Reply Like
  • Wyatt Junker
    , contributor
    Comments (4503) | Send Message
     
    You first.

     

    Here. Go through this list of the alphabets.

     

    www.usa.gov/Agencies/F...

     

    So far I see about a 78% reduction in unnecessary, redundant govt. bullshit that is forbidden by the Constitution.

     

    Have fun.
    20 Feb 2011, 04:48 PM Reply Like
  • mwinmag300
    , contributor
    Comments (8) | Send Message
     
    "...spending cuts would "undermine and damage our capacity to create jobs and expand the economy."

     

    interpreted, "...spending cuts would prevent us from creating the level of government dependency in this country that will necessitate further government expansion and ultimately complete control of society."

     

    Timmy is the poster boy for the corpulent malfeasance that is our federal government, and his B.S. is wearing thin. We are on to you little emperor, you have no clothes on.
    21 Feb 2011, 05:07 PM Reply Like
  • joe kelly
    , contributor
    Comments (1776) | Send Message
     
    You offered nothing Wyatt. You simply posted a link to a list. Which ones would you cut? And how would any of your cuts lower any taxes because state and local governments would be forced to pay for the programs anyway.
    21 Feb 2011, 06:10 PM Reply Like
  • Wyatt Junker
    , contributor
    Comments (4503) | Send Message
     
    heh heh

     

    Click the link loser.

     

    www.usa.gov/Agencies/F...

     

    Now, remove from the list 'Air Force', 'Navy', 'Marines', 'Army' and 'Coast Guard'.

     

    Keep those. Flush the rest down the shitter.
    21 Feb 2011, 07:50 PM Reply Like
  • Neil459
    , contributor
    Comments (2644) | Send Message
     
    "You offered nothing Wyatt. You simply posted a link to a list. Which ones would you cut? And how would any of your cuts lower any taxes because state and local governments would be forced to pay for the programs anyway."

     

    I'd start with 1600 IRS agents then go 50% across the board. That ought to get your blood pressure rising, being how unfair it is for the parasites.
    21 Feb 2011, 06:37 PM Reply Like
  • mikeybronx
    , contributor
    Comments (347) | Send Message
     
    its difficult to choose where cuts would be effective, but here are some areas that I would want to know if any wiggle room is present:
    subsidy programs-
    Farmers - $20 billion
    Fossil Fuel Industries- $72 billion
    Boeing? - $24 billion
    Bio Fuels - $7 billion
    Clean Energy - $60 billion
    Brazillian Farmers - $ 147 million

     

    Oh, and why is it again that we turn a blind eye to our trade deficit?
    21 Feb 2011, 06:44 PM Reply Like
  • joe kelly
    , contributor
    Comments (1776) | Send Message
     
    I'll take em all Mikeybronx and go one further. Any government job that has the word "liason" in it's description be eliminated.
    21 Feb 2011, 07:30 PM Reply Like
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