Geithner asks Congress for higher US debt limit (to $12.1 TRILLION)

[UpInArms]

Source: Reuters

WASHINGTON, Aug 7 (Reuters) - U.S. Treasury Secretary Timothy Geithner formally requested that Congress raise the $12.1 trillion statutory debt limit on Friday, saying that it could be breached as early as mid-October.

"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," Geithner said in a letter to Senate Majority Leader Harry Reid that was obtained by Reuters.

Read more: http://www.reuters.com/article/bondsNews/idUSWEN228020090808

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one would hope that $12.1 TRILLION would merit more than 83 words.

Okay.

Here are a few more:

This is shit!!!

Our country is being systematically robbed by the top 2% of the of holders of all wealth in the United States.

NO.

N.O.

Screw you Timmmeah - this is not going to fly by in the darkness of a Friday night newsdump.

You. Timmeh. Are. A. Piece. Of. Shit.

Drop. Dead.

You. Timmeh.

No.

Eat. Shit. And. Die. Timmeh.

Raise the taxes on the wealthy, Timmeh. You know. The ones that CLEAR MORE THAN $2 HUNDRED THOUSAND PER YEAR AT THE EXPENSE OF EVERYONE ELSE.

THE ONES WHO DO NOT FIGHT AND DIE.

[Vidar]

1. What it merits is firing the SOB,

[BOG PERSON]

2. That 12.1 trillion doesn't actually come from taxes.

They just go nuts with the printer and back the paper up with a reputation (for better or worse).

[BOG PERSON]

6. n/m

.

[Strong Atheist]

14. Welcome to DU!

:toast:

[balantz]

3. The buck stops where Timmeh???

[waiting for hope]

4. Hey Timmeh! I want my pony too ...

[appal_jack]

9. for $12.1T, I waant a whole mf'ing herd... n/t

[waiting for hope]

15. My pony is named Crystal .....

and she's priceless! :7 ;)

[balantz]

17. Mmmm....crystal ponies...mmmmm.....

[waiting for hope]

19. Ahhhhhh!

That is one scary ass Bart ...

[leftstreet]

5. K&R

[saigon68]

23. `

[Grinchie]

7. Sorry Timmeh! But I guess you didn't get the memo, no more credit limit increases

Just ask Captital One, Citibank, or all the rest of the Credit vultures that are reducing credit limits for the little people.


I think that you don't realize that Confidence is not at issue here, since the Fraud collapsed long before you replaced your buddy Paulson.

[Libertas1776]

8. This asshat can't

even sell his own house. How much longer are we going to entrust our economy with this headless chicken?

[Joanne98]

10. FUCK!

[saigon68]

11. Fight the Rich NOT their Wars

[ixion]

12. damnit. no. just no. Stop the robbery.

and send Timmeh somewhere so that he can't steal any more.

[nod factor]

13. The ability

to disconnect Timmy's mouthpiece from Obama policy is the height of intellectual irresponsibility.
Jus' sayin.

[SOS]

16. As % of GDP, it's much lower than it was under Truman

....

[Yupster]

20. Though in that case the high debt level

was on account of World War II, and it started dropping quickly once the war had ended.

This time the largest budget outlays are fixed payments including social security, medicare and medicaid and they aren't going to quickly go down. In fact, they grow automatically each year.

And if anyone has proposed reducing our debt, I sure haven't heard it.

I don't think comparing us to right after WWII is a valid comparison for budgetary purposes.

[hugo_from_TN]

18. Wow, you really put forth a well thought out, compelling argument

against raising the debt limit. The short sentence fragments and all caps sentences at the end really summed everything up beautifully and tied all of the arguments together. I'm so glad to read DU and get such insights. Thanks!

[and-justice-for-all]

21. I wish they would get rid of Geithner as well as a couple other

finance advisers.

[Imperfect World]

24. I really don't get it.

I don't see the logic in having a repeat tax cheater such as Timothy Geithner heading the agency that enforces the tax laws. Maybe if everyone, especially rich people like Geithner, actually paid their fair share of taxes, we wouldn't need to raise the limit on the deficit. How many people have money hidden in offshore accounts to avoid paying taxes - isn't that really the only reason those offshore accounts exist in the first place? And Geithner also signed off to keep the taxpayer funded bailouts for the rich cronies at AIG - I'd rather have my tax dollars go to pay for health care for the 50 million people who don't have it, and to fix our crumbling public schools.

[ProudDad]

22. Hell, don't worry, it's only funny money

It isn't based on anything but a promise to pay...

Not worth the paper it's written on ...

Of course, the REAL thing we must do is cut the war budget by at least 75% and get our fucking legions out of the occupation business...

After that, Universal Health Care, "free" education through college, a home for everyone and enough food to eat would be easy.