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      08-05-2011, 10:56 PM   #20
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Quote:
Originally Posted by M3Bahn View Post


Geithner: No Risk U.S. Will Lose AAA Credit Rating
Apr 19, 2011- 7:32 -
Treasury Secretary Tim Geithner discusses the state of America's credit rating and the administration's efforts to cut the deficit.


http://video.foxbusiness.com/v/46517...credit-rating/
Did you actually listen to the whole thing?

He's basing this statement upon a couple of things:

1) The Republican House would pass a roughly 2 Trillion dollar debt ceiling increase by JUNE. He had gotten assurances by both Democrats and Republicans that this would happen. The Republican House failed.

2) He was basing this on the fact that a bi-partisan fiscal commission announced that Republicans and Democrats had agreed upon 4 Trillion in debt reduction with a 3:1 ratio of spending cuts to revenue (tax) increases.

http://www.fiscalcommission.gov/

The Republicans completely reneged on honoring ANY revenue (tax) increases. And Boehner walked away from the 4 Trillion dollar deal.

3) He was basing this on the logical conclusion that since even under the Ryan plan, a 2 Trillion debt limit increase would be required, and Republicans would be crazy not to pass a debt limit increase that even their own budget would require. He was wrong, the Republicans were crazy, and they pretended that even though their OWN budget required a 2 Trillion debt limit increase, that they somehow could refuse to raise the debt limit.


Republicans failed to hold up their side. No 4 Trillion dollar reduction. No balanced agreement with both spending cuts and revenue increases. No bill by June. And they illogically have failed to increase the debt limit enough to pay for their OWN budget they passed.

And you hold this against Geithner??

Last edited by 11Series; 08-05-2011 at 11:01 PM.