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Geithner: Spending hikes are short-term; will end

Discussion in 'Political Zone' started by WoodysGirl, Mar 12, 2009.

  1. WoodysGirl

    WoodysGirl Shut up and play! Staff Member

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    By Jim Kuhnhenn, Associated Press Writer – 4 mins ago

    WASHINGTON – President Barack Obama's ambitious new budget faced bipartisan skepticism Thursday as key senators questioned the administration's long-term budget outlook and the deficits it envisions rising in the middle of the next decade.

    Treasury Secretary Timothy Geithner defended it in testimony before the Senate Budget Committee, saying current increases in spending are short term and will have to be substantially reduced to get the country back into fiscal shape.

    Still, the Democratic chairman of the Budget Committee, Kent Conrad of North Dakota, called the track of future deficits "unsustainable" and singled out Obama's proposal for spending $634 billion on health care over the next 10 years.

    "Some of us have a real pause about the notion of putting substantially more money into the health care system when we've already have a bloated system," he said.

    Sen. Judd Gregg, R-N.H., complained that the budget does not tackle rising entitlement spending on Social Security and Medicare. Geithner countered that the administration intends to confront rising health care costs with broad reforms that will significantly reduce Medicare spending.

    Geithner is at the center of the president's economic policy, advocating both it's budget proposals and it's tax policies, but also a $700 billion rescue program for the financial sector.

    Geithner was facing questions on all those fronts Thursday. By the end of the day, he was scheduled to leave for talks Friday and Saturday in London with finance officials from the Group of 20 nations.

    Sen. Jeff Sessions, R-Al., dismissed Geithner's defense of the budget as "campaign mode."

    "This budget is based on more taxes, more spending and more debt," Sessions said.

    Meanwhile, the White House was immersed in a conference with state officials gathered to hear details about how the $787 billion in stimulus money will be disbursed.

    "You've got this wonderful mission," said Obama. "And it's rare where you get your chance to put your shoulder to the wheel of history and put it in a better direction."

    The president appeared shortly after Vice President Joe Biden opened the meeting by warning states that if they misuse money from the stimulus package, they shouldn't expect more help from the federal government for a long time.

    "If we don't get this right, folks, this is the end of the ability to convince Congress that anything should go to the states," Biden said.

    Obama echoed Biden's theme, saying that "if we see money being misspent, we're going to put a stop to it."

    The conference was billed as a way for state officials to propose and discuss ideas for spending the money, as well as to hear from several Cabinet secretaries and other administration officials.

    "We are all on the line," Biden said. "The American people are looking for us to get this right. And you need to do that."

    Obama told the state officials they were "at the front lines of what is probably the most important task that we have in this country over the next couple of years and that is getting the economy going again."

    He said that as bad as economic conditions are, the work of the federal, state and local governments now carries with it the opportunity to "lay the foundation" for long-term growth.

    "The American people are behind what we're doing, and they're going to be watching very carefully," he said. "What you do in the coming weeks, in the coming months, in the next couple years, is going to make a huge difference in whether the trust people have placed in us will be justified."

    http://news.yahoo.com/s/ap/20090312/ap_on_go_co/obama_economy
  2. BrAinPaiNt

    BrAinPaiNt Bad Santa Staff Member

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    We have seen crazy spending for 8+ years...I doubt it will stop anytime soon.
  3. ABQCOWBOY

    ABQCOWBOY Moderator Staff Member

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    You also saw growth for 55 straight while that spending was happening. Spending is not crazy if you have the economic growth from which to support such efforts.

    This is a different situation all together. I think this is certifiably crazy.
    I think this will come to a halt sooner then anybody thinks. The President may still be writing checks but I have a feeling that the accounts may be closed due to lack of funds before too long.
  4. JBond

    JBond Well-Known Member

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    Try 85 years. Funny how your memory only seems to go back 8 years. Hmm.......

    Have you forgotten the The Great Society and the New Deal? I am pretty sure they have been discussed here before. Your Bush obsession is showing again. Parties on both sides have been screwing us for years. One more than the other in my opinion, but both have made huge errors in judgement and policy.
  5. BrAinPaiNt

    BrAinPaiNt Bad Santa Staff Member

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    Sorry...I should have spending and increasing our deficit.

    I don't mind spending if we are responsible with it, when we have some things in check.

    We have not had that in 8+ years though. That was the last time we had a surplus.
  6. Jordan55

    Jordan55 Active Member

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    Hell I had a surplus on paper two years ago, I think we all might have, now I'm waiting on my entitlement, where's my job and my check, damn post office!


  7. BrAinPaiNt

    BrAinPaiNt Bad Santa Staff Member

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    Not my fault you don't know how to manage your own finances. Learn some fiscal and self responsibility mister. :p:

    Heck a couple of years ago I was in the opposite...where I had a large amount of debt but now I am free and clear.
  8. Jordan55

    Jordan55 Active Member

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    Damn where is that tissue box when you need it, Hell I keeping my head up I got the barrel right underneath my chin:bang2:
    I keep telling myself it got to get better,I keep telling myself it got to get better,I keep telling myself it got to get better,I keep telling myself it got to get better,I keep telling myself it got to get better,

    Just joking!
  9. BrAinPaiNt

    BrAinPaiNt Bad Santa Staff Member

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    So you are one of those who voted for Stewart Smiley in Minnesota.


    AHA GUYS>>>>THERE HE IS...GET HIM!!!!
  10. Jordan55

    Jordan55 Active Member

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    No I'm not!
    I swear Can you swear on this board?
    If that clown get's the nomination I'll never set foot in that loon state:eek:
  11. BrAinPaiNt

    BrAinPaiNt Bad Santa Staff Member

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    I don't have any reason to step in that state whether he gets it or not. Heck the guy he is going against is not exactly a prize to want either.:laugh1:
  12. Jordan55

    Jordan55 Active Member

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    Trust me anybody would be better then Stewart Smiley, nothing amazes me anymore except for myself occasionally.:laugh1:
  13. JBond

    JBond Well-Known Member

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    We have not had a true surplus in decades if you add in Social Security costs. We did have a slight slowing of the increases but not an honest surplus without cooking the book to make it appear so. Government accounting is very different than the accounting the rest of the world uses.
  14. ABQCOWBOY

    ABQCOWBOY Moderator Staff Member

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    I just have one question to Republican, Democrat and Independant alike. When in the history of our Government have we ever given something to the people and then been able or willing to take it away?

    That just doesn't happen. I think Geithner knows this and he is trying to voice his opinion in the only way he knows how.

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