ScreamingEagle
Gold Member
- Jul 5, 2004
- 13,399
- 1,707
- 245
So who's the liar....Geithner or Obama...?
Treasury Secretary Timothy Geithner said the budget proposed by President Barack Obama could leave America with unsustainable obligations over time. Thats in contrast to Obama and White House officials who have argued the plan balances the budget without adding to the national debt.
...
Obama said Tuesday, What my budget does is to put forward some tough choices, some significant spending cuts so that by the middle of this decade our annual spending will match our annual revenues. We will not be adding more to the national debt.
...
During the Senate Budget Committee hearing, Sen. Jeff Sessions (R-Ala.) asked the Treasury secretary, Under your budget, the interest increases each year. It was $187 billion in 2009. Under your proposal, it increases to $844 billion
Geithner responded, Senator, absolutely, it is an excessively high interest burden, its unsustainable.
Sessions said, Well its your plan. Thats the plan the president submitted.
At that point, Geithner partially agreed with the ranking member.
Youre absolutely right that with the presidents plan, even if Congress were to enact it, and even if Congress were to hold to it and reduce those deficits to three percent of GDP over the next five years, we would still be left with a very large interest burden and unsustainable obligations over time, Geithner said.
Treasury Secretary Says Obama Budget Plan Could Lead to