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Geithner: There shouldn't be a debt limit

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By Doug Powers  •  November 19, 2012 04:39 PM

**Written by Doug Powers

In a related story, my dog doesn’t think ALPO cans should have lids on them.

From CNS News:

On Bloomberg TV, “Political Capital” host Al Hunt asked Geithner if he believes “we ought to just eliminate the debt ceiling.”

“Oh, absolutely,” Geithner said.

“You do? Will you propose that?” Hunt asked.

“Well, this is something only Congress can solve,” Geithner said. “Congress put it on itself. We’ve had 100 years of experience with it, and I think only once–last summer–did people decide to use it to threaten default on the American credit for the first time in history as a tool for political advantage. And that’s not a tenable strategy.”

Hunt then asked: “Is now the time to eliminate it?”

“It would have been time a long time ago to eliminate it,” Geithner said. “The sooner the better.”
[…]
In August 2011, President Barack Obama and Congress agreed to lift the legal debt limit by another $2.4 trillion–allowing the government to borrow up to $16.394 trillion. However, as of the close of business on Thursday, the Treasury had only $154.3 billion of that $2.4 trillion in new borrowing authority left.

Every time the US hits the debt ceiling they just vote to raise it. But at least once in a while it forces the public’s attention on the level of the crippling level of debt, which is not something “Lights Out” Geithner or the “you gotta spend money to keep from going bankrupt” politicians want to happen — unless the other party’s in power, of course.

Back in March, Geithner was asked what debt limit increase would be required to make it large enough for all current and future obligations:

“It would be a lot. It would make you uncomfortable.”

Well, by all means, let’s remove the temporary cap on the limit then.

Anybody who looks at the current and projected amount of debt is already uncomfortable, Turbo:

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**Written by Doug Powers

Twitter @ThePowersThatBe

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