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Still on his game even as he eyes private life, Treasury Secretary Geithner sticks to script,...

Still on his game even as he eyes private life, Treasury Secretary Geithner sticks to script, telling Congress extraordinary measures taken to stretch government dollars will run out between mid-February and early March, and warning of "irreparable harm" to the country should the debt ceiling not be imminently raised.
Comments (13)
  • steven russo
    , contributor
    Comments (181) | Send Message
     
    Just let Bama raise it to 20T NO BIGGY! :)
    14 Jan 2013, 04:58 PM Reply Like
  • shild
    , contributor
    Comments (53) | Send Message
     
    Which is a big harm passing the debt ceiling deadline at the end of February OR having debt growing at the rate of over ONE TRILLION DOLLARS ANNUALLY ???
    If Congress want to stop the spending (spending flushing down the toilet at record speeds) then the only way is the threat of going past these artificial deadlines.
    One question: I have not yet heard not even one proposal where the proposed cuts will come from -- we always ways to increase taxes and revenues but never how to CUT some SPENDING !!
    14 Jan 2013, 05:07 PM Reply Like
  • mike mohr
    , contributor
    Comments (451) | Send Message
     
    Hey Turbo "irreparable harm" caused by spending more than we can afford.
    14 Jan 2013, 05:14 PM Reply Like
  • steven russo
    , contributor
    Comments (181) | Send Message
     
    spending has slowed substantially over the past year. The deficit is widening at a slower speed. We cant cut too much spending because we are barely growing at 1%. It will send the economy into recession. We have the best economy in the world we need to raise the ceiling to 20T and have a balanced budget within a year and hopefully never get close to that 20T.
    14 Jan 2013, 05:18 PM Reply Like
  • 1980XLS-2.0
    , contributor
    Comments (525) | Send Message
     
    Neither side could ever get anywhere near "balanced" within a year, despite Obama's claim of a "Balanced" approach.

     

    Best one could hope for is within 10 years while not increasing debt/GDP ratio immediately.

     

    Amortization of current debt. maybe 50 years.

     

    Print, borrow, spend, buy votes. Rinse, repeat.

     

    Greece is the word.
    15 Jan 2013, 02:49 AM Reply Like
  • shild
    , contributor
    Comments (53) | Send Message
     
    Spending has NOT slowed, we will have a trillion dollars deficit this year, we spend 40% more than revenues bring in, Greece and the rest of europe never had such a shortfall or deficit of 40% -and its economy is on its knees.
    Count in the Social Security shortfall, and medicare shortfall's that is coming in a decade PLUS the ObamaCare shortfalls and America is going to collapse.
    The only way is to increase the retirement age to 70 years old, cut spending (cut food stamps, Medicaid, rent subsidies, Earned Income credit etc) scrap health give-aways (inl ObamaCare) so-as if you have two able legs then you can work and not live off the government.
    Social security and medicare (on average) exceed by far the average per person's payments into the system. Our kids and our retirement's will be wrecked unless we take immiediate action.
    14 Jan 2013, 06:49 PM Reply Like
  • shild
    , contributor
    Comments (53) | Send Message
     
    Bottom line you cant have a country that lives off a small percentage that works hard and the rest laze and live government benefits.
    Food stamps, Medicaid and rent subsidies and all other government give-aways should be for a limited time like 6 months or a year (unless in special circumstances) -and oh boy people will find jobs pretty quickly!!
    I know people have been on the dole, collecting homeless and other benefits like rent subsidies and food stamps for years and had a bunch of babies in between (to keep the benefits coming).
    14 Jan 2013, 06:55 PM Reply Like
  • Macro Investor
    , contributor
    Comments (9049) | Send Message
     
    The debt ceiling will be raised. You can take it to the bank.

     

    http://seekingalpha.co...
    14 Jan 2013, 06:55 PM Reply Like
  • Teutonic Knight
    , contributor
    Comments (2057) | Send Message
     
    In 2006 a junior senator from Illinois made this speech on the senate floor:

     

    "...Mr. President, I rise today to talk about America’s debt problem. The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.

     

    [...]
    Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘‘the buck stops here.’’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit..."

     

    So who was he?

     

    None other than our Commander-in-Chief, sitting president Mr. Obama himself.
    14 Jan 2013, 08:57 PM Reply Like
  • Macro Investor
    , contributor
    Comments (9049) | Send Message
     
    ROFL! I know! And he got away with it. But the Tea Party Patriots won't. That's why Obama is such a great politician.
    14 Jan 2013, 09:03 PM Reply Like
  • moneyTalksBSWalks
    , contributor
    Comments (193) | Send Message
     
    While I totally support the need to cut spending, the debt ceiling reflects payments for debts already incurred not future debts. Did Repubs ever hold a gun to Bush's head? Neither side really wants to cut anything here. The Repubs will keep military spending at high levels to pay off their masters in the defense space and the Dems will not want any cuts to their core vote base.
    14 Jan 2013, 09:14 PM Reply Like
  • EMS
    , contributor
    Comments (578) | Send Message
     
    Enough is enough. We live in a great land, but we must set an example for the rest of the world and reduce our debts if to be seen as the master the game. Confidence.
    14 Jan 2013, 09:34 PM Reply Like
  • blackswans
    , contributor
    Comments (155) | Send Message
     
    Not sure why they would not agree to pay for money already spent.
    15 Jan 2013, 05:26 AM Reply Like
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