Obama’s Treasury Secretary: Let’s Get Rid Of The Debt Cap

081121_MB_TimGeithnerTN

“It would have been time a long time ago to eliminate it,” Treasury Secretary Tim Geithner told Bloomberg TV on Friday. “The sooner the better.”

Sure. Why not? Why would a nation running up new debt at a more than $1 trillion/year rate want any sort of a restraint, pliable as it has always been, on national debt? Why would we want, in the law, a requirement that Congress from time to time pause and go on the record about whether or not they want to allow more national debt?

Why, it’s almost as silly a notion as passing a budget, which Senate Democrats are saying they won’t do for a fourth consecutive year.

To be clear, the debt cap hasn’t really been any sort of a restraint on debt creation. Every time the nation nears the most recent cap, Congress simply raises the cap higher.

That being said, raising that cap should be something Congress has to vote on. The debate over raising it should make headlines, and should remind Americans about the debt-creation going on in Washington DC. The last thing we should want is a federal government freed of even the appearance of a restraint on debt creation.

Rob Port is the editor of SayAnythingBlog.com. In 2011 he was a finalist for the Watch Dog of the Year from the Sam Adams Alliance and winner of the Americans For Prosperity Award for Online Excellence. In 2013 the Washington Post named SAB one of the nation's top state-based political blogs, and named Rob one of the state's best political reporters. He writes a weekly column for several North Dakota newspapers, and also serves as a policy fellow for the North Dakota Policy Council.

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  • kevindf

    We should start by cutting off Tim Geithner’s government checks.

    • $8194357

      He and the Billary crowd are and have been heavily invested in Chinas global rise for a very long time Kevin..When debt becomes currency thru the global fiat redistribution ponzis..

  • Roy_Bean

    It worked pretty good in Greece…………..

    • two_amber_lamps

      And Zimbabwe… and Weimar Germany.

  • Neiman

    It is only money, we can print as much as we want, no matter how much it is really worth.

  • $8194357

    Why not?
    His daddy thru the Ford Foundation set up the NEW WORLD ORDER
    debt ponzis wealth/debt transfer pyramid systems/structures in China when little Timmy along with little Barry ran around the globe while mom and dad where working the global currency traders finacial agendas for the elite..

    DANG that Truth is hateful and stings huh.
    Like “Son light” to the devils darkness dwellers.

  • $8194357

    Whats “this” have to do about anything going on “today” anyhow?

    Know it all…know nothings….”useful” idiot fool tools..

    1st Tim 6: 3-12

    3 If anyone teaches otherwise and does not consent to wholesome words, even the words of our Lord Jesus Christ, and to the doctrine which accords with godliness,

    4 he is proud, knowing nothing, but is obsessed with disputes and arguments over words, from which come envy, strife, reviling, evil suspicions,

    5 useless wranglings[a] of men of corrupt minds and destitute of the truth, who suppose that godliness is a means of gain. From such withdraw yourself.[b]

    6 Now godliness with contentment is great gain.

    7 For we brought nothing into this world, and it is certain[c] we can carry nothing out.

    8 And having food and clothing, with these we shall be content.

    9 But those who desire to be rich fall into temptation and a snare, and into many foolish and harmful lusts which drown men in destruction and perdition.

    10 For the love of money is a root of all kinds of evil, for which some have strayed from the faith in their greediness, and pierced themselves through with many sorrows.

    The Good Confession

    11 But you, O man of God, flee these things and pursue righteousness, godliness, faith, love, patience, gentleness.

    12 Fight the good fight of faith, lay hold on eternal life, to which you were also called and have confessed the good confession in the presence of many witnesses.

    End quote

    “Just what does it profit a man to gain the “whole world” but lose his imortal soul”?

  • Harold

    Easy to see where this little weasel’s mind is. Just spend more and print more money.

  • Waski_the_Squirrel

    The last paragraph in this article nailed it. A debt cap is basically meaningless since it can be voted up as needed. The important thing is that it gets publicity every time it is voted up and reminds the public about what’s going on in Washington.

  • http://ndgoon.blogspot.com Goon

    The Democrats are going to stop until they run the country into the ground. It’s part of their plan.

    • http://www.facebook.com/people/Francine-Star/100000931158392 Francine Star

      It is not just the democrats. What we need is a NEW party or 4 …

      • two_amber_lamps

        It’s working well for the Brits… they’ve got themselves a healthy little

        £1T debt.

  • http://www.facebook.com/people/Francine-Star/100000931158392 Francine Star

    Ur all complaining. No one telling us what to do about these awful things. WELL OCCUPY CONGRESS~!~!~! Is one idea. This means YOU<< Need to make a sigh and report to your local congressman office daily. I do and u should also…

  • JW -American

    Can someone answer a debt related question for me..? please?

    So say GW Bush passed a 1/2 trillion dollar deal to bail out the banks in 2009

    then the money is spent by the banks..

    next year do they budget that money AGAIN? Same with Cash for Clunkers, bailing out GM and Chrysler, The One time money spent to aid New Oreleans leavys all that bis spending. If its one time spending, why does our Budget go up every year?

    I could see it not goin down, because every year they find another one time spending deal, but why does it go up every year.

    No one I have asked seems to have an answer. I wish Dr. Walter Williams still filled in for Rush, I’d spend all morning trying to get to ask him this.

  • mark

    i dont think there is a grand plan, it may simply be “follow the money” I tax you more, give it to someone; foreign country, domestic corporation like GE, and you give me part of it back.
    tax payor is strangled without any grand plan
    simply every special interest grabbing money and funneling some back into some govt leaders pocket
    lets see take any long term US legislator and lets look at his/her net worth over the last 30 years of their dedicated service. only to see they entered poor and retired wealthy.
    oh I guess is the grand plan

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