This website is a member of Liberty Alliance, which has been named as an company.

Treasury Secretary: White House Has No ‘Definitive Solution’ to Debt Crisis

Saturday, February 18, 2012

Print Friendly and PDF
GEITHNER-CONGRESS PHOTO

Treasury Secretary Timothy Geithner told the House Budget Committee Thursday that President Obama’s fiscal year 2013 budget – “the most expensive in United States history” – would “put the U.S. on an ‘unsustainable’ course if enacted,” reports The Washington Free Beacon.

Geithner also told Committee chairman Paul Ryan (R-WI) that although the Obama administration doesn’t have a “definitive solution” to the debt crisis, it definitely knows it doesn’t like the Republican alternative.

“Leaders are supposed to fix problems. We have a $99.4 trillion unfunded liability. Our government is making promises to Americans that it has no way of accounting for. And so you’re saying, yeah, we’re stabilizing it but we’re not fixing it in the long run. That means that we’re just going to keep lying to people,” Rep. Paul Ryan said.

Post Continues on www.theblaze.com

Print Friendly and PDF
Posting Policy
We have no tolerance for comments containing violence, racism, vulgarity, profanity, all caps, or discourteous behavior. Thank you for partnering with us to maintain a courteous and useful public environment where we can engage in reasonable discourse. Read more.
  • Bree

    The White House has no definite Solution to anything! This is ludicrous and Paul Ryan is right. What we have here is lying, ludicrous leadership. Who is surprised?

    • Retired Marine MSgt in Marana, Az

      Bree, I’ve posted this before, but it seems appropriate to do it again here.

      America’s incompetent CEO, Comrade ØZebra:

      Imagine you IPatriot posters that you are board members of a corporation and the officers (senators and congressmen) you appointed signed a pledge never to raise prices, and eventually you would have to fire them.

      Well in reality it is the CEO who usually reports to the board, so let’s imagine that in 2008, as a board member, you hired a new CEO, Comrade ØZebra, to turn the company around. Since the hiring, you STILL HAVE NOT BEEN GIVEN AN OPERATING BUDGET TO APPROVE. Comrade ØZebra has not yet presented a strategy with goals and objectives for his executive (Senate) and management (House) team. As a matter of fact, Comrade ØZebra does not even bother to meet with them. The board-meeting agenda mainly consists of Comrade ØZebras requests to borrow more money, which has now reached 40 percent of your operating expenses. The company’s debt has increased by about 60 percent; the stock price is at an all-time low. One of his staff members is responsible, through his negligence, for the death of an employee.

      Most of the time Comrade ØZebra travels the country promising your customers and shareholders the products and service will get better if they give him more time and money, or taking extended vacations on the company dime. Comrade ØZebra tells them he is doing everything he can but that his executive and management teams don’t know what they are doing, they can’t make a decision and it’s their fault the business is in shambles.

      As a board member, I would fire the CEO, Comrade ØZebra, based on no confidence in his leadership ability. Wouldn’t you?
      *
      So, as board members, isn’t it about time to call a meeting, cast our votes, and fire, the Communist, Comrade ØZebra and all of his “Fellow Travelers”. We can do just that, on the 6th of November. So let’s do it for the good of what’s left of our country.

    • Randy131

      I’m an Independent voter and a solid Christian conservative, who could never join the Republican Party because it is controled by the RINOs, just look at Boehner. I could never vote for a Democrat because of their social stances that are creating Sodom & Gomorrah here in the USA. I read all this stuff on these conservative blog sites, and agree with most of what is said, but then see the polls being taken across the USA and see these blog sites are apparntly out-of-touch with what’s going on with the rest of the American people, unfortunately. I know one thing for sure though, if Obama is re-elected the United States will not survive another 4 years as a free country, for there will have to be Marshall Law and all rights and freedoms will be curtailed by Obama and the government will then be running everyones life except those of the super rich, and travel will also be curtailed, again only the super rich will be allowed to travel. @012 will be the most important election in the history of the USA, and I only see one Republican candidate that has the experience of getting what needs to be done, and it sure isn’t Romney, who claims to ne a conservative, but his only time in office he backed abortion, gay rights,appointed only liberal judges, and instituted Romneycare, the forerunner to Obamacare and is bankrupting massachusetts as Obamacare will the USA. Being an inactive Marine, I’m preparing for the worst, buying plenty of guns, ammo, and food for my family for the coming Marshall Law.

    • Retired Marine MSgt in Marana, Az

      Randy131,

      I agree with a lot of what you are saying, except that I believe that you are mistaken if you believe that Comrade ØZebra can unilaterally declare MARTIAL, not Marshall, law. He is not a dictator, yet.

      What you are also saying is that you, in good conscience, cannot vote for any of the parties candidates, unless of course the candidate is one of your choosing.

      The demoncRATS are counting on your not casting a vote because that is, by default, a vote for Comrade ØZebra.

    • jjkrjw

      You mean martial law. Many people spell it Marshall Law, but is it really martial.

    • Jesussaid Love

      REtired Marine, I don’t know where you were in 2007, 2008, but Capitalism collapsed, pretty much world wide. Banks(holders of everyone’s capital) had been so mis managed for so long they were ready to go belly up, taking everybodies money with them. A major part of the collapse was people taking too more out of the system than it cost to keep it running.
      Now I think your first thoughts are the people collecting food stamps, but hold up a bit. Is all the money in food stamps, SSI, welfare, and other government handouts measured in Billions, or Trillions? Because the amount of money that came up short was in the Trillions. Lot’s of zeros, lots and lots. Those people on food stamps are eating pretty good if it comes to Trillions, and I sure do not believe that anybody could be eating that good, at least not where they shop!
      However there is a small group of people who do have that kind of money, and I’m not talking about the Government(ours or any other) and it is called the Shadow Banking System. Look it up, it should give you something to sink your teeth into. They have your money, and mine also.
      I’m mad about it, you should be too, because they have more power than all the world’s governments combined!
      ps, stop with the racist innuendos, they make you look less intelligent than I bet you are!

    • Gordon

      Yup A TRILLION is 1000 BILLION which is
      1000 MILLION “Nuff” said.

    • http://Facebook Que Dub

      TRILLION is 1,000,000,000,000 same as a million of million.

    • Retired Marine MSgt in Marana, Az

      Jesussaid Love,

      In todays’ politically correct world, almost any comment can be taken to be racist.

      Just in case you don’t understand the moniker “Comrade ØZebra”:

      Back in September I coined the moniker “ZerØBama” after the employment numbers for August revealed zero job growth.
      *
      I have since decided that I needed to come up with something more descriptive.
      *
      My Grandkids and I recently went to the zoo. There, in the area reserved for animals of Africa, was a Zebra. The kids wanted to know if the zebra was a black animal with white stripes, or the reverse. They also noted that the zebra looked a lot like a donkey. I told them that the donkey is representative of the Democratic Party.
      *
      Inspiration! From now on I will refer to the worst president in the history of the United States as Comrade ØZebra.

      Fact, Barack Hussein Obama is a mulatto. A mulatto is a person of half white and half black parentage. Nothing racist there.

      A zebra is the equine equivalent of a mulatto, half black and half white.

      If you choose to believe that is racist innuendo, that is your choice and your interpretation, not mine.

      As far as to where I was in 2007 & 2008, I was a little better off than I am now, but I made good investment choices and am down just about 10% of where I was back then. The only holding where I “lost” money is my house. It’s paid off so I will lose money on it only if I decide to sell it in the near future.

      Don’t place the blame on “Capitalism”. Place the blame on those who made bad choices. Nobody twisted their arms. They didn’t have to buy homes that common sense should have told them that they couldn’t afford. Granted, the “system” allowed it to happen, but at the end of the day it was the responsibility of the individual who made the choice.

    • Norm

      Capitalism didn’t fail in 2007, 2008. Neither did free markets. Statism, that is government controlled economy failed.

      Read either Reckless Endangerment, or Tom Sowell’s The Housing Boom and Bust, and you’ll get the picture.

    • Rick

      obozo does have one definite solution: he cuts down on the stink comming from the oval toilet: he flushes it once a day.

    • http://Facebook Que Dub

      nobbamma is going to sneak in HR4646 after the elections this year!!!!!!!!!!!!
      IT IS A 1%(TAX)ON ALL BANK DEPOSITS: PAYCHECKS, SOCIAL SECURITY, & ALL TRANSACTIONS!!!!!But “thing” claims: will not raise taxes on under $25000 income!!!!
      Are we all asleep yet????

  • Terry Black

    Hot News Article to Copy and Search:

    When Debt Is More Important Than People, The System Is Evil

    Lord Rothschildloses libel case, giving world look into elite world of money, politics

  • robert

    to the treasury dept.you morans allowed this to happen.get rid of the treasury dept.they are useless along with ovomit,holdup,kagan,reid,napalitano,epa,doh,doj,epa,un people.ron paul.god bless america

  • LesPaul

    Why are we even putting up with this Alice in Wonderland administration. I think it’s time Bohner and the Republican Congress start defunding their programs one every day. Start taking away their funds. Unfortunately their is not one Rhino with the balls enough to start it!

    • Rick

      LesPaul I agree with you. Maybe it’s time that we get a stronger majority leader. How about Paul Ryan?

    • Big Ugly, Wyoming

      Maybe it’s time for all Free Citizens to do what Congress won’t do. DEFUND – resist – refuse.

    • d.k. dexter

      whats the point,till theres a maj. in the senate anything that we do will be blocked by harry reid.

  • Patrick Henry

    Geithner must be on his way out the door if he admits that? Bout time some Democrats admit Obama is sinking us so deep into debt that we may never get out. Vote his butt out of there!

    • Jay

      Hwy Folks…..”Pray For Obama”….See Psalm 109.8

  • http://z kyl

    The Fraud administration “doesn’t have ‘definitive solution’ to the debt crisis?”

    Really? With a so-called president who’s always the smartest guy in the room? With all those so-called professionally educated economists at his beck and call to advise him?

    Maybe if they tried something like, oh…I don’t know…STOP SPENDING MONEY THEY AIN’T GOT AND CAN’T GET WITHOUT PRINTING OR BORROWING IT to the tune of five or six BILLION a day!

    It seems to me (a libertarian with only a high school diploma) that simple idea would go a long way in solving their (our – mine, yours, and our progeny) debt crisis.

    Alas, its simplicity is no doubt over their self-serving heads.

    This is but one reason why I’m an adamant and unapologetic Ron Paul supporter!

    • Rick

      Kyl, I think that asshoile has his own printing press.

  • Meathead

    Check out who are members of the CFR or the TC or the BB and you will understand why no action is being taken by Congress to stop the Constitutional violations by the White House.
    CFR = Council on Foreign Relations
    TC = Trilateral Commission
    BB = Bilderbergs

    Most all the national media are members of one or two or all. VP Dick Chaney was Chairman of the CFR at one time. Their tentacles run deep.

    Roster of the CFR/TC/BB:
    http://www.apfn.org/apfn/cfr-members.htm

    Birds of a feather flock together.

  • Ballistic45

    The reason the Obama Administration has no Budget plans to solve the crisis is because they created the crisis starting way back several administrations ago to give loans to people unable to pay them off.. This is a Government Created Crisis solely for the purpose of exploiting our economy, society, culture, energy independence, security and self determination in order to turn it into a third world Socialist Dictatorship… Obama and others were right in the middle of pushing people onto these loans knowing what the final outcome would be.. Obama did it as a Lawyer for ACORN, Illinois Sen. and US Senator along with Chris Dodd and Barney Frank So why would they even consider a Budget that would diminish the crisis now?

    • donald

      It all began with Carter’s “affordable housing” initiative.

    • http://Facebook Que Dub

      AND the sob opening our borders!!! Remember, Castro emptied out his prisons & asylums on Florida!!!!!!!!!!!
      NOW we are open to the whole world to come here and get our tax $$$$ free to them!!!!!!!!! $500 BILLION / YR !!!!!

  • DrBillLemoine

    Right! There is no definitive answer to the debt problem until Democrats have congressional majorities to support the president. With divided congress and unAmerican politicians filibustering and just saying “no” at every turn, only interim appointments, stopgap legislation and executive orders are possible. Even so, the small global business environment, political upheavals in Europe and Middle East, and still-emerging China/India economies provide a wealth of mysteries that could derail American recovery at any juncture. Combined with skittish, fearful Wall Street and big business money managers at home and multinationally speculating on oil and commodity prices, sitting on immense offshore profits, and manipulating markets behind the scenes it’s touch and go. I surely want the current economic team advising President Obama, not the regressive and laissez faire right wingers.

    • Lory

      You idiots had a super majority for 2 years and managed to accomplish nothing. No budget, Bo spending cuts….oh wait a minute, you did manage to flush the constitution down the drain with obama care and add 1 trillion to the deficit! Way to go genius. The only evil multi billion dollar “corporation” running things behind the scenes and manipulating our currency are the Fed Treasury and GEORGE SOROS. Take them, your genius president and anyone else who is so anxious to be a socialist and jump off southern Florida. Socialism and all it’s heavenly rewards are just a short swim south.

    • Norm

      Giving a spendthrift more money is simple lunacy. We could double or triple current taxation of every American, and it would make no difference in debt, or deficit in the long term. The appetite for spending among liberals as well as neo conservatives in insatiable.

      The answer lies in denying them money to spend. Of course that also involves getting rid of the Fed, the means of taxing invisibly.

  • Losing Hope Ed

    Folks, it really makes no difference who we elect in November although any two will be better than Obama and Biden. The fact is that politicians will never address the probles facing this country, they are more interested in getting campaign contributions and re-election. The only solution is term limits for all congressional members, a clean sweep of incumbents from office in November, and enacting enforceable laws that bring about criminal charges to elected officials that take bribes, enact useless spending bills, and vote contrary to the US Constitution.

  • ketrout

    Obama and his administration don’t know their as# from a hole in the ground!

    • Ann in Nebraska

      ketrout – I can’t tell you the number of times I’ve said exactly the same words to anyone who will listen!!!! Exact same words!!!! (I often wonder if my father truly started the phrase? He sure used it a lot!!!! Exact same words when he was talking about the Democrats. (Dad died 06-13-1999, but I still hear him saying that they don’t know their ass from a hole in the ground!!!!!) Dad was right!!!!!

  • cwgf

    Geithner says there is no definitive solution to the debt crisis? Does he and his boss think the most expensive budget in American history is going to help? I have an idea. Maybe we should quit spending so much.

    The patients really are running the asylum.

  • http://adrianvance.blogspot.com Adrian Vance

    Timothy Geithner has the IQ of a turnip. That “…he is the only man in the US smart enough to be the Secretary of the Treasury!” was just another Obama lie. He is too stupid to file his tax returns; a task that all of us do every year!

    The Two Minute Conservative at http://adrianvance.blogspot.com for political analysis, science and humor. Daily on Kindle.

  • donald

    And what do you expect when you appoint a tax cheat as secretary of the treasury and head of the IRS?

  • donald

    February 23, 2009 – Barack Obama – Federal Deficit
    “Today, I’m pledging to cut the deficit we inherited in half by the end of my first term in office”.

    • http://Facebook Que Dub

      ONE of thing’s first LIES !!!!!!!!!!!

  • John

    Why bother us with something we already knew?????????????????????????????????????

  • donald

    Check out this URL!

    Entitled “Are You Kidding Me” by a small business owner.

    http://obamashlamadama.com/YT-embed/are-you-kidding-me.html

  • BobinPa.

    The Treasury Secretary Timothy also known as Head or the IRS has “No solution yo Debt Crisis” ????? DUH, Are you surprised ??? That clown can’t even fil out his own Tax Form. Just another ” Obama Useful Idiot”.

  • BobinPa.

    Thats supposed to be Timothy Geithner, I guess I could have just said “Stooge”.

  • Steve

    Luke 10:18And he said unto them, I beheld Satan as lightning fall from heaven.
    In ancient Hebrew the word for lightning is barack, the word for heaven or the
    heights is bama and to connect the words either an “a” or an “o” is used.

    2 Thessalonians 2:3 (King James Version)
    3Let no man deceive you by any means: for that day shall not come, except there come a falling away first, and that man of sin be revealed, the son of perdition;

    Political Correctness a term first seen in Mao’s Little Red Book, a communist engendered abomination that is instituting censorship little by little.

    “If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter.”- George Washington

    Carl Marx, once wrote that, the goal of the Communists was to quote,. “enter into men’s minds and cast God down from his throne.”

    Matthew 12:31Wherefore I say unto you, All manner of sin and blasphemy shall be forgiven unto men: but the blasphemy against the Holy Ghost shall not be forgiven unto men.

     

    In ancient Babylon their economy was based on usury.
    “If you lend money to one of my people among you who is needy, do not be like a moneylender; charge him no interest. Exodus 22:25
    Hath given forth upon usury, and hath taken increase: shall he then live? he shall not live: he hath done all these abominations; he shall surely die; his blood shall be upon him. Ezekiel 18:13
    Usury is unlawful; expressly prohibited by GOD!
     Article 1 Section 8 of the U.S. Constitution clearly states that only the Congress can print and coin money! 

    The Federal Reserve Act of 1913 was slipped thru congress during the Christmas break with the majority of it’s members absent. 

    The Federal Reserve is self serving and privately owned in violation to the Constitution, charging interest on illegally printed money. Money printed from nothing!
    In America On June 4, 1963, a virtually unknown Presidential decree, Executive Order 11110, was signed with the authority to basically strip the Federal Reserve Bank of its power to loan money to the United States Federal Government at interest. With the stroke of a pen, President Kennedy declared that the privately owned Federal Reserve Bank would soon be out of business. Five months later A UNITED STATES PRESIDENT, PRESIDENT JOHN F. KENNEDY was MURDERED BY COMMUNIST!
    “If you lend money to one of my people among you who is needy, do not be like a moneylender; charge him no interest. Exodus 22:25
    Hath given forth upon usury, and hath taken increase: shall he then live? he shall not live: he hath done all these abominations; he shall surely die; his blood shall be upon him. Ezekiel 18:13
    Usury is unlawful; expressly prohibited by GOD!
     
     
    In ancient Babylon their priest sacrificed babies to their gods baal, and molech.  
    In America the communist under their socialist programs have sacrificed over 50 million American babies to their god satan!
    Leviticus 20:2-5
    2Again, thou shalt say to the children of Israel , Whosoever he be of the children of Israel , or of the strangers that sojourn in Israel , that giveth any of his seed unto Molech; he shall surely be put to death: the people of the land shall stone him with stones.
    3And I will set my face against that man, and will cut him off from among his people; because he hath given of his seed unto Molech, to defile my sanctuary, and to profane my holy name.
    4And if the people of the land do any ways hide their eyes from the man, when he giveth of his seed unto Molech, and kill him not:
    5Then I will set my face against that man, and against his family, and will cut him off, and all that go a whoring after him, to commit whoredom with Molech, from among their people.
     
    Luke 22:35-36 Then Jesus asked them, “When I sent you without purse, bag or sandals, did you lack anything?” “Nothing,” they answered. 36 He said to them, “But now if you have a purse, take it, and also a bag; and if you don’t have a sword, sell your cloak and buy one.
     
     
    Jeremiah 50:16Cut off the sower from Babylon, and him that handleth the SICKLE in the time of harvest: for fear of the oppressing sword they shall turn every one to his people, and they shall flee every one to his own land.
    Jeremiah 50:23How is the HAMMER OF THE WHOLE EARTH CUT ASUNDER AND BROKEN! how is Babylon become a desolation among the nations!
    BABYLON = the HAMMER and SICKLE!
     
     
    Jeremiah 50:14 “ Put yourselves in array against Babylon all around, All you who bend the bow; Shoot at her, spare no arrows, For she has sinned against the LORD.

    All nations compassed me about: but in the name of the LORD will I destroy them. Psalm 118:10

    “The thing that separates the American Christian from every other person on earth is the fact that he would rather die on his feet, than live on his knees!”. George Washington

      2 Timothy 2:15   Study to shew thyself approved unto God, a workman that needeth not to be ashamed, rightly dividing the word of truth. 

    Jeremiah 48: 10Cursed be he that doeth the work of the LORD deceitfully, and cursed be he that keepeth back his sword from blood.

    Revelation 18:21 And a mighty angel took up a stone like a great millstone, and cast it into the sea, saying , Thus with violence shall that great city Babylon be thrown down , and shall be found no more at all.

    “NO KING BUT KING JESUS!”
            

     

  • ONTIME

    The WH has no definative answer to anything that involves the crisis compounded by the Deemers and the never ending string of unacceptable failure for every botched policy.

    You Deemers are a expensive bunch of clowns…