Quote Of The Day: Geithner And The Debt Ceiling

It should come as no surprise that the Treasury is once again asking Congress to boost the debt ceiling as we’re fast approaching the current $12.1 trillion limit. Of course, we can expect Congress to again open the retractable roof of this ceiling and comply with Geithner’s “request.” I was particularly amused by the following quote.

From a letter to Senate Majority Leader Harry Reid:

It is critically important that Congress act before the limit is reached so that citizens and investors here and around the world can remain confident that the United States will always meet its obligations - Tim Geithner

So, if I’ve maxed out my credit card it only makes sense that my credit card company further boost my credit limit so that my other creditors can remain confident in my debt-paying ability. Right.

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Comment by rick g

2009-08-10 03:53:14

I guess your problem is that you are still thinking it’s real money. Fortunately, Tim is well acquainted with the process of taking it straight from the printing presses to the Treasury and he doesn’t get confused and hung up on common sense principles that would plague the normal person.

To him, the “citizens and investors here and around the world” don’t need to worry when Congress authorizes the printing of more money.

Thank goodness we have have the professionals in charge.

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