Geithner: Blame Republicans if U.S. defaults

[steve2470]

http://www.cbsnews.com/stories/2011/05/17/politics/main20063740.shtml

(AP) Treasury Secretary Timothy Geithner says that if Republicans insist on passage of their budget plan as a condition for approving an increase in the nation's borrowing limit, they will be responsible for the consequences.


Speaking to a New York audience, Geithner said that Republicans would bear the responsibility for the first debt default in the nation's history. He said such a default would have a devastating impact on the economy.


Geithner noted that the country reached the current borrowing limit of $14.3 trillion on Monday and he is deploying a series of extraordinary measures to keep from defaulting on the debt. He called on lawmakers to work with the administration on a credible deficit-cutting plan that could be accepted by both Republicans and Democrats.

[Exilednight]

1. Geithner, too, deserves a share of the blame. n/t

[mucifer]

2. Everyone will blame the president, not the republicans.

[steve2470]

3. I agree with you.

No matter how "right" Obama is, HE will get blamed and it will be a factor in the 2012 election.

[Drale]

6. Not if he arrests the Republican leaders for treason

because that is exactly what they are going right now.

[steve2470]

7. With all due respect, how could he do that ?

I'm not trying to be snarky. I'd like to hear you out.

[Drale]

8. I'm sure the Patriot act can be used in some way

Whether we like if or not, this is a time of war and they are under-minding the US government in a time of war. If that is not treason, nothing is.

[Drale]

4. Not me,

if they force the US to default, I will be all over screaming at people that this worst depression we have ever seen is 100% the republicans fault.

[Pale Blue Dot]

5. This is the first sign that the Obama Administration thinks that it may not happen

"It" being raising the debt ceiling.

As someone who follows economic news closely, I find this extremely troubling. If Geithner is trying to place blame for the consequences (which will be terrible) in advance, then they are already preparing for the worst.

Honestly, I believe that we're in deep shit no matter what, but if this doesn't pass, the deep shit starts the second afterwards.

[AndyTiedye]

10. The Repiglickins Are Not Bluffing

The Repigs control the media totally, and they can make sure that Obama gets the blame.
Every talking head on the Tee Vee will be blaming Obama for the whole mess.

We are pretty well fucked no matter what we do.

If the Democrats cave, we lose Medicare and Social Security.
If they don't, the government shuts down and Medicare and Social Security along with it, and the economy crashes too.

[LiberalLoner]

9. I don't care who would get hypothetically blamed, I don't want the default to

happen.

[zbdent]

11. what gets me about all this is the attack on the President for his 2006 vote ...

I mean, with all the "fiscal conservatives" running the show, with complete control of the White House, the House, and the Senate, ...

Why the hell did the Republicans in 2006 have to raise the debt ceiling??? I thought that they were the "adults" who knew how to manage government as a business ... and we weren't in the middle of The Great Recession ... the "tax cuts" were still in effect then ...