Geithner busted on “war savings”

[Wehrwolfen]

Video: Geithner busted on “war savings”​

by Ed Morrissey
December 3, 2012

Via Jim Hoft, a moment of brilliance from Chris Wallace entirely flummoxes the Secretary of the Treasury yesterday on Fox News Sunday. Wallace challenges Tim Geithner on the lack of real spending cuts in the proposal he brought to Capitol Hill last week, and Geithner objects, claiming that the White House has trillions in cuts in their proposal — from ending the wars. When Wallace reminds Geithner that no one planned to keep fighting those wars in the first place, Geithner loses his composure and starts complaining about Republican gimmicks:

[ame=http://www.youtube.com/watch?v=96QOlerycqs]Ouch! Geithner Is Busted Lying About Non-Existent War Savings - YouTube[/ame]



[ame="http://www.youtube.com/watch?v=P_sdmy0E0M4"]http://www.youtube.com/watch?v=P_sdmy0E0M4[/ame]​

Read more:
Video: Geithner busted on “war savings” « Hot Air

 

[waltky]

Geithner gettin' outta town before it catches up with him...

The $13.6-Trillion Man: Geithner Sets All-Time Record for Spending by Treasury Secretary
January 3, 2013 - Treasury Secretary Timothy Geithner, who reportedly will leave office at the end of this month, is already responsible for spending and borrowing more money than any of his predecessors as secretary of the Treasury.

The U.S. Senate confirmed Geithner on Jan. 26, 2009. Between February 2009, the first full month of Geithner’s tenure, and the end of November 2012, the last full month for which federal spending records are available, the U.S. Treasury dispensed approximately $13.582319 trillion. As of the close of business on Jan. 26, 2009, the day Geithner was confirmed, the debt of the U.S. government was $10,620,857,710,762.31. As of the close of business on Jan. 2, 2013, the debt of the U.S. government was $16,432,705,914,255.48. That means that, so far, during Geithner’s time at Treasury, the debt of the U.S. government has increased by $5,811,848,203,493.17. That is a jump of about 54.7 percent in a little less than four years.

During the time that Geithner has been Treasury secretary, the Treasury has borrowed about 43 cents of every dollar it has spent. The Treasury secretary most likely to have had a chance to outspend Geithner was Henry Morganthau, Jr., who served under President Franklin Delano Roosevelt from Jan 1, 1934 to July 22, 1945. Morganthau’s tenure covered most of the Great Depression and World War II. But during the entirety of the period from fiscal 1934 through fiscal 1945, according to figures published by the White House Office of Management and Budget, the federal government spent only $365.571 billion in current year dollars. When adjusted for inflation (using the Bureau of Labor Statistics inflation calculator), cumulative federal spending from fiscal 1934 through fiscal 1945 equaled about $5.0993 trillion in 2012 dollars.

Across twelve years spanning the Great Depression and World War II, Morganthau’s Treasury did not spend as much as Geithner’s Treasury borrowed during President Barack Obama’s first term. During George W. Bush's 8 years as president, the federal government's debt increased by about $4.9 trillion. During those eight years, there were three full-time Treasury secretaries and two acting secretaries.

Source

 

[SniperFire]

The lying asshole is resigning soon. Has to go cheat on his taxes again.

 

[g5000]

I have pointed this out many times.

For example:

The actual lies Obama told are elsewhere. For example, the claim that there would be "savings" after the war in Afghanistan is ended that can be used to build roads and bridges and schools and to hire more teachers, cops, and firemen.

It is mathematically impossible to have "savings" by ending a war that is being paid for with borrowed money!

Obama got away with this astounding lie twice. In 2008 and 2012. He said in 2008 there would be savings after ending the war in Iraq. This year the "savings" will come from ending the war in Afghanistan.

It is astounding the people have swallowed that piss twice!

 

[waltky]

Granny says tell him don't let the screen door hit him onna butt onna way out...

Source: Geithner to leave by month's end
1/3/13 - Treasury Secretary Tim Geithner plans to leave the administration by the end of the month — and he really means it this time.

Geithner intends to leave his post at the end of January, whether or not a deal is in place to raise the debt ceiling, according a source close to the Treasury secretary. Geithner previously pushed back his departure plans to work on the resolution to the fiscal cliff at the request of President Barack Obama.

The source said Geithner will return to New York City and that he had long planned to leave Washington after the fiscal cliff fight was over. "Secretary Geithner has previously stated that he plans to be at Treasury until around the inauguration. We do not plan to make any further announcements about the timing of the Secretary's departure until after his successor is named," said a Treasury spokesperson.

Bloomberg first reported the news, citing two people familiar with the matter. The move will ramp up the pressure on the White House to soon nominate Geithner’s successor. White House Chief of Staff Jack Lew remains the frontrunner.

The former president of the New York Federal Reserve Bank, Geithner was instrumental in the administration’s efforts to jumpstart the economy and implement financial reforms through the 2010 Dodd-Frank financial oversight law. He is the only remaining member of Obama’s original economic team.

Read more: Treasury Secretary Tim Geithner to leave by month's end, source says - POLITICO.com

 

[Mad Scientist]

Wallace challenges Tim Geithner on the lack of real spending cuts in the proposal he brought to Capitol Hill last week, and Geithner objects, claiming that the White House has trillions in cuts in their proposal — from ending the wars. http://hotair.com/archives/2012/12/03/video-geithner-busted-on-war-savings/

Why would the Treasury Secretary be bringing Budget Proposals to Capitol Hill?

Oh that's right I forgot, The Banksters run our country!