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Video: Latest From Tim Geithner On The U.S. Debt Ceiling: "Irresponsible To Cut Deficit Without Tax Increases"

Video - Geithner speaks to corporate CFOs in Washington - June 21, 2011

CNS News

Treasury Secretary Timothy Geithner said Tuesday that a deal to raise the legal debt limit, which he expects to be completed in the next few weeks, will be only a short-term “down payment” on solving the nation’s debt problem, and that it would be "irresponsible" to reduce the massive federal deficit anticipated over the next ten years with spending cuts alone.

What is needed, he said, is a longer-term deal on a “balanced framework” that includes “revenue increases through tax reform.”

“I think for it to work for the economy you need to have a balanced framework,” Geithner told a Washington, D.C. gathering of CFOs from major corporations.

“If you try to do this, the magnitude of deficit reduction we need--and we need about $4 to 5 trillion in deficit reduction over the next ten years--to try to do that only on spending cuts in parts of the budget would be irresponsible and really not achievable politically,” said Geithner. "You can't pass the budget without that.

“So, you need a balanced plan that has modest revenue increases through tax reform as well as some near-term spending savings and long-term entitlement reforms,” he said.

 “Again, I think if you look at the structure of our budget and what is driving these long-term deficits, if you look at the scale of challenges we need in terms of creating some room for investing in things that matter for long-term growth, you can’t do it through spending reductions concentrated in a very narrow slice of the government where the economy sort of depends on the government doing things that only the government can do,” said Geithner.

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Reader Comments (8)

Geithner-speak: “So, you need a balanced plan that has modest revenue increases through tax reform as well as some near-term spending savings and long-term entitlement reforms.” REALLY!? What a f'n genius! Jimmy Cayne was right. Timmy is just a bureaucratic clerk...
Jun 22, 2011 at 12:24 PM | Unregistered CommenterJosie
a bureaucratic clerk who thinks he's got a big d--k...


there it is josie...
Jun 22, 2011 at 12:50 PM | Registered CommenterDailyBail
Timmmmayyyyy-----FU-K YOU...!!!!!!!!!!!!!.......AB
Jun 22, 2011 at 5:41 PM | Unregistered Commenterain't bullshitt'n
I feel like this guy just offered me a cooky while he and his buddies take turns destroying my house with a bulldozer. He really IS full of himself. The entity protecting him just earned a place in hell.
Jun 23, 2011 at 2:21 AM | Unregistered CommenterHoward T. Lewis III
Spoken like a true servant of his God, Rothschild.
Jun 23, 2011 at 10:26 AM | Unregistered CommenterMiguel Grande
Timmy talking out his ass as usual.
Jun 23, 2011 at 12:27 PM | Unregistered Commenterrobertsgt40
Didn't Timmy have a tax problem? Funny how those that want us to pay always seem to think they should not have to.
Jun 23, 2011 at 12:54 PM | Unregistered CommenterS. Gompers
The Federal Reserve, like any Ponzi scheme, must have new capital or it will collapse. Higher debt limit merely postpones the inherent collapse. The FRBNY handled $8.4 trillion from T-auctions last year and hid the profit from Congress. Is that embezzlement? Ref www.scribd.com/doc/49040689 RIP OFF BY FEDERAL RESERVE
Jul 2, 2011 at 12:22 AM | Unregistered Commenterjofrmo

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