Geithner Admits: Obligations In President's Budget 'Unsustainable'

Treasury Secretary Timothy Geithner today admitted under questioning from Sen. Sessions that the president's own budget, submitted Monday, calls for interest payments and obligations that are "excessively high" and "unsustainable." The president's plan accumulates $13 trillion in new gross debt, with interest payments on the debt rising to $844 billion a year by 2021.

Additionally, the president's budget ignores the recommendations of his own fiscal commission, causing the Democrat Co-Chair of the Commission, Erskin Bowles, to remark that the budget "goes nowhere near where they will have to go to resolve our fiscal nightmare."

Under President Obama's budget, total federal spending will increase another 65% by the end of the decade. In fact, accumulated deficits under the president's budget are greater than those in the Congressional Budget Office baseline, which assumes we essentially do nothing.

Chart: http://goo.gl/2CAQl

Category:

News & Politics

Tags:

• debt
• deficits
• interest
• taxes
• taxation
• government spending
• borrowing
• debt burden
• Geithner
• Treasury
• US Senate
• Jeff Sessions
• Budget Committee
• Obama
• economy

[PatriotBenS]

Hey stealth63 Who exploded the deficit. idiot? Under Obama the deficit has grown $3.8 TRILLION! Furthermore, who controlled both houses of congress genius? You lib's are all the same blame everyone else, never take responsibility. You guys even preach no personal responsibility, you're all a disgrace!

[Wenutz]

If anyone had the balls to say, okay, stop the wars, bring back the troops from all over the world, reduce the defence and military weapons program, end the fed, quit funding and supporting other countries, then we wouldn't have to hit the poor and the middle classes over the head with taxes and higher cost of living.

[MrRonpaulforprez]

“The fact that we are here today to debate raising America ’s debt limit is a sign of leadership failure. It is a sign that the US Govt can NOT pay its own bills - that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. Increasing America ’s debt weakens us domestically and internationally.

Leadership means that ‘the buck stops here.'

America has a debt problem and a failure of leadership.

Sen Barack H. Obama, 3/2006

[gma683e066736]

Geithner's body language - tilted head, raised eyebrows - says "do you actually believe any of the sh*t I'm saying?"

[hsabin1]

@jraider2

darth bama? Hardy har har! Good one - never heard this before!

[Meade556]

@PatriotBenS I have an extremely tough time recalling when we preached no personal responsibility and this myth of the Democrats not approving budgets when we quite clearly did. When our people were in charge in 2010, the economy was recovering, now that the Wrecking Crew is back it is being sabotaged and surprise, surprise it is not going well.

[jraider2]

I am hoping that in his last day in congress, Dr. Ron Paul will give Geithner and Bernanke an atomic wedgie. Maybe this will cause them to reflect on how they helped Darth Bama build the unstoppable Debt Star.

[Unklebillybob]

The democrats have had well over 800 days to present a budget. Now, in the final hours, they expect everyone to jump through their hoops and allow them to increase the debt limit and to be able to impose more taxes on the American People.

NOPE!

Here is an idea for congress ,,, Give me your 2008 budget and I will create a balanced budget, with spending caps and limits on taxes.

[nhb1234]

If this group did to a major corp what they did to the USA they would be fired. They need to work together as 90% of US citizens polled agree we need to increase revenue and cut spending. The GOP is beyond understanding and the Dems are not much better. Why should I (retired) pay more taxes than the wealthiest people in the US. The public needs to forget how their moms and dads told them to vote and listen to both sides without spewing hate. Lets rise above media bull and be Americans.

[nhb1234]

If this group did to a major corp what they did to the USA they would be fired. They need to work together as 90% of US citizens polled agree we need to increase revenue and cut spending. The GOP is beyond understanding and the Dems are not much better. Why should I (retired) pay more taxes than the wealthiest people in the US. The public needs to forget how their moms and dads told them to vote and listen to both sides without spewing hate. Lets rise above media crap and be Americans.

[JakeBlakeProject]

The budget fiasco is a good distraction to keep our minds off of Obama's questionable constitutional qualifications. Now the FBI and the media is covering up the criminal complaint for forgery over the long form, and congress goes along to help cover up the SS # fraud that was reported on the air waves.Congress is comprised mostly of girly men. No traitor should go unpunished. check out my vids, infidels

[janelasdedeus]

In his previous life, Tiny Tim advised the Weimar Republic.