Treasury Secretary Timothy Geithner said on Fox News Sunday today that any proposal from Congress needs to “take default off the table for the next 18 months…through the election.”
That makes it pretty clear. The President first cares about his reelection. House Republicans care about cutting the out-of-control spending that is threatening the lives of ordinary American citizens.
The President knows he is in political trouble. The polls are pretty clear. If the election were today he would lose to a Republican— any Republican. He needs to keep spending to buy the votes of his interest groups. He can’t offer favors without the ability to subsidize, bailout, offer loan guarantees and grants. He doesn’t know how to create jobs, and he doesn’t believe in the way that Republicans claim that jobs are created. He’s got to be able to spend lots more money. He must have revenue. And revenue comes from taxing the American people, and if you just tax rich people it won’t harm job creation, will it?
Obama tries to pose as a born-again spending cutter in public, while any details of what he is willing to accept remain secret. The House Republicans have put forth the detailed Ryan Plan. They have passed the Cut, Cap and Balance Plan. For all the demonizing and whining by the President and Secretary Geithner they have never offered a plan — any plan. The budget that the President sent to Congress was defeated 97-0 by the Democrat controlled Senate. The last verbal offer in the Biden led talks included $136 billion in new spending proposals.
The plans that the Republicans have voted for don’t offer any special goodies for Republicans, just budget balancing for the American people. Republicans don’t even get to do earmarks.
Geithner wasn’t adverse to a little threatening talk of his own. “I never thought they would take it this close to the edge and let politics get in the way” he said. …”We do not have the ability to protect the American people. We are doing the responsible thing, but only Congress has the ability to make sure people get their checks on time.“
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