August 2, 2011 |
Even as the Senate began debate Tuesday morning on the debt-ceiling compromise, expected to easily pass by midday, the economic and political fallout of the weeks of partisan bickering are expected to continue for months. “Finally, Washington is taking responsibility for spending money it doesn't have,” said Sen. Lamar Alexander ( R-Tenn.), kicking off the Senate debate on the measure that contains something that almost everyone dislikes. Conservatives are unhappy about the relatively small spending cuts while liberals are unhappy that it does not contain anyone new revenue or add taxes on the rich.
July 25, 2011 |
Lifting the debt ceiling should be paired with steep reductions in the deficit. So says President Obama. But the White House position hasn't always been so clear cut. When the debate over raising the cap opened in January, the Obama administration seemed reluctant to tie the issue to any other legislative goal. Treasury Secretary Timothy F. Geithner sent a letter to Senate Majority Leader Harry Reid (D-Nev.) on Jan. 6 calling for an increase in the debt limit. In the four-page letter, Geithner said the president believed the government must "spend less and spend more wisely.
July 15, 2011
Even if the White House and congressional leaders reach a deal to raise the debt limit, they face at least two hurdles to persuading rank-and-file Republicans to go along. Some cling to a disturbing belief that the Treasury Department doesn't need to borrow more money to keep America's creditors happy. And many more insist that the deal must include a constitutional amendment to require a balanced budget. The former notion is irrational. And the latter is bad policy, even if it reflects a legitimate concern about the financial burden on future generations.
July 1, 2011 |
Treasury Secretary Timothy F. Geithner disputed a report that he was considering resigning after finishing debt negotiations with Congress, saying he would continue in his job "for the foreseeable future. " "I live for this work," he told former President Clinton on Thursday during a question-and-answer session in Chicago as part of a conference by the Clinton Global Initiative. Bloomberg News reported that Geithner had signaled to the White House he might step down after the conclusion of the difficult negotiations over raising the nation's debt ceiling, with which he has been deeply involved.
June 30, 2011 |
Treasury Secretary Timothy F. Geithner has signaled to White House officials that he's considering leaving the administration after President Obama reaches an agreement with Congress to raise the national debt limit, according to three people familiar with the matter. Geithner hasn't made a final decision and won't do so until the debt ceiling issue has been resolved, according to one of the people. All spoke on condition of anonymity to discuss private discussions. The Treasury secretary has said the U.S. risks defaulting on its obligations if Congress doesn't raise the $14.3 trillion debt ceiling by Aug. 2. The administration and congressional Republicans are at an impasse in negotiations to raise the limit, which also is tied to efforts to cut the nation's long- term deficit.
June 7, 2011 |
Treasury Secretary Timothy F. Geithner said he wants global minimum standards on derivatives trading and urged regulators to avoid a "race to the bottom" in which financial risk moves to the least-supervised economies. The U.S. Commodity Futures Trading Commission and Securities and Exchange Commission are writing regulations required by the Dodd-Frank Act, the financial overhaul enacted in July, after largely unregulated derivatives helped fuel the 2008 credit crisis. Dodd-Frank seeks to reduce risk and boost transparency in the $601-trillion global swaps market by having most swaps guaranteed by central clearinghouses and traded on exchanges or other venues.
June 3, 2011 |
Treasury Secretary Timothy F. Geithner, armed with a warning from Wall Street, appealed Thursday to House Republicans to raise the nation's debt ceiling soon or face grim economic consequences. Geithner spoke to House Republican freshmen, a group skeptical of his warnings. But a report from Moody's Investors Service gave him fresh evidence of Wall Street's increasing pessimism over prospects for a quick resolution to the standoff over government debt. The debt rating firm said it would consider downgrading U.S. credit if it did not see progress in negotiations by mid-July.
May 3, 2011 |
The federal government will start using "extraordinary measures" this week to juggle its finances to avoid hitting the nation's debt limit this month, Treasury Secretary Timothy F. Geithner told congressional leaders. The $14.3-trillion debt ceiling is on track to be reached May 16. And because Congress apparently won't act before then, the Treasury will take steps to avoid defaulting on its payments, Geithner said Monday. But those steps would hold off a potential government default only until about Aug. 2, Geithner said.
April 20, 2011 |
Treasury Secretary Timothy F. Geithner took to the business-TV airwaves to try to ease market concerns about the U.S. fiscal situation in the wake of Standard & Poor's warning that the nation's AAA credit rating was in danger. Geithner, one of the Obama administration's point people on the issue, told CNBC and Bloomberg TV he was optimistic that the White House and congressional Republicans would bridge their differences and agree on a way to reduce the huge budget deficit. "What I would say to people around the world and to Americans, to businessmen, to investors around the world, [is]
April 18, 2011 |
Treasury Secretary Timothy F. Geithner says Republican leaders have assured the president that they know Congress needs to raise the debt limit and that "you can't play around" with the possibility of defaulting on the country's obligations. He said GOP leaders recognized that they must vote to avert default even without a deal on cutting the budget by the time the nation hits the $14.3-trillion debt limit around the middle of May. "I heard them say that to the president," Geithner said Sunday on NBC's "Meet the Press.