Geithner on the debt limit ceiling

[Savoir Faire-Demogague in NJ]

Thought this was interesting and indicative of govt bureacrat double-speak:

www.reuters.com/article/2011/05/25/us-usa-economy-geithner-imf-idUSTRE74O4QH20110525

DEBT FALL-BACK PLAN?

At the same event, Geithner refused to admit that the administration was working on a contingency plan to stave off a default if Congress failed to give the U.S. government room to borrow, but vowed that the United States would meet its obligations.

"Our plan is for Congress to pass the debt limit," Geithner said. "Our fall-back plan is for Congress to pass the debt limit and our fall-back plan to the fall-back plan is for Congress to pass the debt limit," he said.
The United States has already reached its $14.294 trillion borrowing cap and Congress has until about early August to increase the level before the country becomes unable to pay all its bills.

Geithner said "The United States will never default on its obligations. This country will never put itself in a position where people believe we are not going to pay our bills," he said.

[Deleted]

So the fall-back on the fall-back on the fall-back is we pay our bills and no debt limit increase? 1'll take that one.

[reasonfreedom]

What type of intelligent person would like to have a chance to fail 3 times? Oh, wait you said Geithner. lol

[Savoir Faire-Demogague in NJ]

My take away is that congress and the administration has no plans to limit spending, or even control the growth of spending, which is more incidious.

[reasonfreedom]

May 25, 2011 12:00:44 GMT -5 Savoir Faire-Demogague in NJ said:

My take away is that congress and the administration has no plans to limit spending, or even control the growth of spending, which is more incidious.