Showing posts with label Timothy Geithner. Show all posts
Showing posts with label Timothy Geithner. Show all posts

Saturday, October 19, 2013

ACTUALLY, OBAMA 'MANUFACTURED' THE CRISIS


The White House and its press corps have come to a consensus that the recent shutdown/debt limit debate was a "manufactured crisis"--the implication being that it was manufactured by Republicans. That is untrue--first because President Barack Obama and the Democrats could easily have averted a crisis if they had been willing to compromise, and second because forcing such confrontations has been their strategy since 2011. 

The debt limit was not a priority for the Tea Party until the Democrats made it one. In the 2010 elections, the subject almost never came up. There was certainly no plan to shut down the government if the Republicans did not get their way. Rather, interest in these confrontations came from the Democrats and the Obama administration, who saw the 1995-6 crises as models for how to defeat congressional Republicans.
That is why, as the 112th Congress took office, Secretary of the Treasury Tim Geithner sent new Speaker John Boehner a letter warning of the consequences of failing to raise the debt limit. The new Congress had no plans to block an increase. But like George Stephanopoulos's infamous question about contraception early in the 2012 Republican presidential debates, Geithner's letter intended to make the debt limit an issue.
At the same time that Geithner was highlighting the debt ceiling, Sen. Chuck Schumer (D-NY) was doing all he could to goad Republicans into shutting down the government. The new Congress had barely taken their seats when he accused them of trying to force a confrontation over the continuing resolution to fund the government--a measure necessary only because the last Congress had not resolved the federal budget.

Friday, December 28, 2012

Lawmakers huddle as options dwindle for tackling fiscal crisis

President Obama and congressional leaders were facing a rapidly shrinking set of options for averting the fiscal crisis as they met Friday afternoon, with Senate Republican Leader Mitch McConnell warning they are "running out of time." 

Just a few weeks ago, lawmakers had high hopes for a "grand bargain" that would narrow the deficit, overhaul the tax code and set the country on a course to curb its entitlement spending -- all while averting massive tax hikes and spending cuts set to hit Jan. 1. 

Having squandered that time, lawmakers -- and taxpayers -- will now be lucky if they can just avert the tax hikes.

Obama and the top four congressional leaders were meeting Friday afternoon at the White House, along with Vice President Biden and Treasury Secretary Tim Geithner. At the meeting, Obama was expected to pitch a "Plan C" that's essentially a version of the scaled-back proposal he floated a week ago before leaving for Hawaii. 

Under the proposal, lawmakers would extend the current tax rates for the "middle class." What income level defines middle class remains up for debate -- Obama had previously pushed for tax hikes on families making over $250,000 and later upped that threshold to $400,000. House Speaker John Boehner, in a proposal that died in the House last week, called for tax hikes only on those making over $1 million. 

Beyond the tax rate issue, Obama wants to extend long-term jobless benefits for 2 million people set to lose them at the end of the year, and perhaps agree to some spending cuts that could short-circuit the automatic spending cuts scheduled to hit the Pentagon next month. 

Via: Fox News

Tuesday, December 4, 2012

Opinion: Obama’s Fiscal-Cliff Christmas


TAUBE: President responsible for year-end crisis

Who is trying to push the United States off the “fiscal cliff”? Many left-wing commentators predictably have placed the blame squarely on the Republicans. Yet a much stronger case can be made that the fault lies with President Obama.



Treasury Secretary Timothy F. Geithner announced an astonishing proposal last week that called for a $1.6 trillion increase in taxes. This particular figure is double what most GOP politicians likely would be willing to accept when push comes to shove. If the GOP is still having trouble accepting roughly 50 percent of that amount, how on earth does Mr. Obama expect it ever to agree to this staggering new number?

Incredibly, it doesn’t stop there. Mr. Obama wants to increase the top income tax rate from 35 percent to 39.6 percent — exactly what it was during Bill Clinton’s presidency. In other words, it’s a good ol’ “soak the rich” campaign from a tax-and-spend liberal sitting in the Oval Office. There also reportedly will be $200 billion spent on so-called “economic growth” measures (to pay, ultimately, for Mr. Obama’s various spending increases over the next four years, no doubt) and $50 billion on infrastructure projects that likely will never see the light of day.

Mr. Obama also has suggested about $400 billion in cuts to health programs. Big deal. Early estimates for the total cost of implementing Obamacare, the president’s massive state-run health care plan, are in the neighborhood of $1 trillion. That’s why the GOP asked for a total of $600 billion in health savings this week — to offset more of these fiscally imprudent White House proposals.




Monday, December 3, 2012

Sessions: Obama's 'Secret' Plan 'Increases Spending by More than $1 Trillion'


Senator Jeff Sessions, the ranking member on the Senate Budget Committee, is releasing a statement this evening that claims President Barack Obama's "secret" plan "increases spending by more than $1 trillion above the current baseline."
"In other words," Sessions adds, "spending will increase $1 trillion above the already projected growth after enactment of the Budget Control Act as part of the last debt deal. It achieves not one dollar in net spending reduction or debt reduction, and it continues the country on a dangerously unsustainable debt path."
The senator's comments come in response to a series of interviews Treasury Secretary Timothy Geithner conducted on the Sunday morning talk shows. The top Republican on the Senate Budget Committee is also basing his remarks on reports of details of President Obama's proposal, which he narrows down to these bullet points:
The President proposes growth over and above the BCA baseline, which already calls for spending growth every single year. Specifically, President calls for:
· More than $170 billion in stimulus spending, including $26 billion for extended unemployment benefits, $50 billion for transportation spending, and $90 billion for an extension of the payroll holiday (which is considered on-budget spending)
· The elimination of the $1.2 trillion sequester (half of the spending cuts exchanged in 2011 for the $2.1 trillion in previous debt limit increase) without corresponding spending cuts, resulting in a $1.2 trillion spending increase
· The unpaid-for ‘doc fix’ or Medicare reimbursements ($394 billion)
· Only $600 billion in mandatory ‘savings’ primarily achieved through further reductions in provider payments beyond those in the President’s health law, which do nothing to enhance the long-term sustainability of entitlement spending
Via: Weekly Standard

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Friday, October 19, 2012

Ahead Of Election, Obama Stops Releasing “Stimulus” Bill Reports As Required By Law…


The $831,000,000,000 economic “stimulus” that President Obama spearheaded and signed into law requires his administration to release quarterly reports on its effects.  But “the most transparent administration in the history of our country” is now four reports behind schedule and has so far not released any reports whatsoever in 2012.  Its most recent quarterly report is for the quarter than ended on June 30, 2011.
Barack Obama speaks about national security 2009-05-21
One wonders how the administration would treat a private citizen who acted like such a scofflaw in response to one of Obama’s principal legislative initiatives.  It certainly appears that this administration, which is so very fond of regulating Americans’ lives — witness the 13,000 pages of Obamacare regulations it has already penned — doesn’t hold itself accountable to the same set of rules that it’s so eager to compel the American people to obey.
Section 1513 of the American Recovery and Reinvestment Act of 2009 (the “stimulus”) explicitly states, “In consultation with the Director of the Office of Management and Budget and the Secretary of the Treasury, the Chairperson of the Council of Economic Advisers shall submit quarterly reports to the Committees on Appropriations of the Senate and House of Representatives that detail the impact of programs funded through covered funds on employment, estimated economic growth, and other key economic indicators.”  (The head of the Council of Economic Advisors, currently Alan Krueger, is appointed by the president, confirmed by the Senate, and works within the Executive Office of the President.  He is the president’s chief economic adviser.)
Indeed, the old reports that the administration released begin, “As part of the unprecedented accountability and transparency provisions included in the American Recovery and Reinvestment Act of 2009 (ARRA), the Council of Economic Advisers (CEA) was charged with providing to Congress quarterly reports on the effects of the Recovery Act on overall economic activity, and on employment in particular.” 
Section 1513 of the ARRA further specifies, “The first report…shall be submitted not later than 45 days after the end of the first full quarter following the date of enactment of this Act….The last report required to be submitted…shall apply to the quarter in which the [Recovery Accountability and Transparency] Board terminates under section 1530.”  Section 1530 declares, “The Board shall terminate on September 30, 2013.” 

Monday, October 15, 2012

GOP Demands Obama Plan on Debt Ceiling


A pair of Senate Republicans is pressing the Treasury Department for details on when the government will reach its $16.4 trillion debt ceiling — and how long it can avoid hitting the limit.
Sens. Orrin Hatch (Utah) and Jeff Sessions (Ala.) asked Treasury Secretary Timothy Geithner on Monday to lay out a precise timeline for when the government expects to near the debt ceiling and what "extraordinary measures" can be taken to prolong the deadline.
The request comes while much of Washington is consumed with addressing the glut of Jan. 1 policy changes known as the "fiscal cliff," and serves as a reminder that the debt ceiling also looms as another high-stakes battle.
Hatch and Sessions are the ranking members of the Senate Finance and Budget committees, respectively.
According to the pair, the government is already drawing near the new limit.
Citing Treasury data, they said the government's debt load, as of Oct. 11, stood $275 billion below the new level, which was expanded by $2.1 trillion under the last-minute debt-limit deal reached in August 2011.
Via: The Hill

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Wednesday, August 15, 2012

House Ways and Means chairman demands Delphi pension termination documents from Obama administration


Republican House Ways and Means Committee chairman Dave Camp demanded Wednesday that the U.S. Treasury Department and the Obama administration release records connected to an emerging scandal surrounding autoworker pensions terminated during the auto bailout. The Pension Benefit Guaranty Corporation (PBGC) and the Treasury Department axed pensions in 2009 for 20,000 non-union salaried retirees who worked for Delphi.
Those workers’ pension plans lost between 30 and 70 percent of their value, while similar plans covering members of the United Auto Workers and other labor unions were preserved and made whole.
Camp fired off letters to PBGC director Josh Gotbaum, Treasury Secretary Timothy Geithner and White House Counsel Kathryn Ruemmler, asking for dosuments by September 7. His committee seeks internal documents and communications relating to the decision-making process that resulted in those pension losses for non-union Delphi retirees.
From the PBGC, Camp demanded Gotbaum provide “all records, including but not limited to electronic mail to or from PBGC, the Departments of Treasury, Labor and Commerce and the Executive Office of the President of the United States” that relate to Delphi and General Motors’ interest in Delphi “for the period of January 1 through December 31, 2009.”
He demanded similar documents from Geithner and Ruemmler.

Via: The Daily Caller

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