scarymary
11-01-2009, 01:22 PM
So the head tax cheat in charge of robbing the citizens of the nation says the deficit will have to wait until the economy better recovers............how long might that wait be Mr. Geithner............with you and your master calling the shots, I suspect that the deficit is only going to continue to go up. And if you think that reforming health care in the manner in which democrats want to "reform health care" will bring down the deficit, you are in for a rude awakening.
WASHINGTON (CNN) -- Economic growth and job creation remain the government's top priority, despite a federal deficit that is "too high," Treasury Secretary Timothy Geithner said in an interview broadcast Sunday.
Geithner called the latest report of economic growth in the third quarter "good news," but in the interview taped Saturday with the NBC program "Meet the Press," he stopped short of declaring the recession over.
The Obama administration's two "central imperatives" were restoring sustainable economic growth and creating jobs, Geithner said. Lowering the deficit could then occur as the economy recovers fully, he said.(Administration says stimulus has created 640,000 jobs)
The deficit will "have to come down; it's too high," Geithner said.
Asked how to balance the deficit, Geithner acknowledged that the government faces "hard choices" but wasn't ready to decide on raising taxes. He reaffirmed President Obama's campaign pledge against increasing the tax burden on those making less than $250,000 a year.
"We're going to have to bring our resources and our expenditures more in balance," he said, adding that economic growth is a pre-condition for job creation and eventual budget balancing. "Right now we're focused on getting growth back on track."
Geithner cited the need to open more credit for small businesses, warning that financial institutions accused previously of taking on too much risk now may be too cautious.
"The big risk we face now is that banks are going to overcorrect and not take enough risk," he said.
Asked about unemployment, Geithner said the situation would continue to worsen before it gets better. He said economic growth was the necessary pre-condition for job creation that would reverse the continuing increase in jobless numbers.
Geithner also said it was too soon to know if a second economic stimulus package was needed, but he supported plans before Congress to extend unemployment benefits and the homebuyers' tax credit that originated under the previous stimulus package.
The economic discussion allowed Geithner to advocate health care reform legislation before Congress, saying deficit reduction was dependent on bringing down health care costs.
"The best way to add to a long-term deficit and add to the burden is not reforming health care today," Geithner said. To top of page
http://money.cnn.com/2009/11/01/news/economy/Geithner_economy.cnnw/?postversion=2009110111
While you are visiting this link, please vote in the CNN poll. I think you will find it interesting to say the least.
In this report from the AP, Geithner says this:
"A lot of damage was caused by this crisis. It's going to take some time for us to grow out of this. It could be a little choppy," he said. "It could be uneven. And it's going to take awhile."
A bright spot in the recovery identified by Geithner is the banking system, which he said is "dramatically more stable" because of the government bailout.
Geithner said that just one year ago economic activity came to a standstill as major financial institutions shut down due to lack of liquidity.
Even though 115 banks have failed so far this year, Geithner said there has been a "dramatic improvement in confidence," with private capital back in the system. He said large businesses are now able to borrow again.
"The banking system is dramatically more stable than it was three months ago, six months ago, nine months ago, a year ago," he said.
http://www.google.com/hostednews/ap/article/ALeqM5gv1HYOgcKY61yZTWl5lUrmVL6q_wD9BMQT9G1
I would like to ask Mr. Geithner where the stability in the banking sector might be. Seems as though he says one thing, but he facts show something different. I also read another article in which he says that Americans need to be saving more. How, might I ask, does Mr. Geithner propose for that to happen when the interest rates are being kept artificially low? No one is going to save if they have access to cheap money.
WASHINGTON (CNN) -- Economic growth and job creation remain the government's top priority, despite a federal deficit that is "too high," Treasury Secretary Timothy Geithner said in an interview broadcast Sunday.
Geithner called the latest report of economic growth in the third quarter "good news," but in the interview taped Saturday with the NBC program "Meet the Press," he stopped short of declaring the recession over.
The Obama administration's two "central imperatives" were restoring sustainable economic growth and creating jobs, Geithner said. Lowering the deficit could then occur as the economy recovers fully, he said.(Administration says stimulus has created 640,000 jobs)
The deficit will "have to come down; it's too high," Geithner said.
Asked how to balance the deficit, Geithner acknowledged that the government faces "hard choices" but wasn't ready to decide on raising taxes. He reaffirmed President Obama's campaign pledge against increasing the tax burden on those making less than $250,000 a year.
"We're going to have to bring our resources and our expenditures more in balance," he said, adding that economic growth is a pre-condition for job creation and eventual budget balancing. "Right now we're focused on getting growth back on track."
Geithner cited the need to open more credit for small businesses, warning that financial institutions accused previously of taking on too much risk now may be too cautious.
"The big risk we face now is that banks are going to overcorrect and not take enough risk," he said.
Asked about unemployment, Geithner said the situation would continue to worsen before it gets better. He said economic growth was the necessary pre-condition for job creation that would reverse the continuing increase in jobless numbers.
Geithner also said it was too soon to know if a second economic stimulus package was needed, but he supported plans before Congress to extend unemployment benefits and the homebuyers' tax credit that originated under the previous stimulus package.
The economic discussion allowed Geithner to advocate health care reform legislation before Congress, saying deficit reduction was dependent on bringing down health care costs.
"The best way to add to a long-term deficit and add to the burden is not reforming health care today," Geithner said. To top of page
http://money.cnn.com/2009/11/01/news/economy/Geithner_economy.cnnw/?postversion=2009110111
While you are visiting this link, please vote in the CNN poll. I think you will find it interesting to say the least.
In this report from the AP, Geithner says this:
"A lot of damage was caused by this crisis. It's going to take some time for us to grow out of this. It could be a little choppy," he said. "It could be uneven. And it's going to take awhile."
A bright spot in the recovery identified by Geithner is the banking system, which he said is "dramatically more stable" because of the government bailout.
Geithner said that just one year ago economic activity came to a standstill as major financial institutions shut down due to lack of liquidity.
Even though 115 banks have failed so far this year, Geithner said there has been a "dramatic improvement in confidence," with private capital back in the system. He said large businesses are now able to borrow again.
"The banking system is dramatically more stable than it was three months ago, six months ago, nine months ago, a year ago," he said.
http://www.google.com/hostednews/ap/article/ALeqM5gv1HYOgcKY61yZTWl5lUrmVL6q_wD9BMQT9G1
I would like to ask Mr. Geithner where the stability in the banking sector might be. Seems as though he says one thing, but he facts show something different. I also read another article in which he says that Americans need to be saving more. How, might I ask, does Mr. Geithner propose for that to happen when the interest rates are being kept artificially low? No one is going to save if they have access to cheap money.