Friday, February 18, 2011
GEITHNER - IT STINKS BUT SO WHAT?
Sen. Jeff Sessions: “…Under your budget, the interest increases each year. It was $187 billion in 2009, under your proposal it increases to $844 billion”
Treasury Tim Geithner: “Senator, absolutely, it is an excessively high interest burden, it’s unsustainable”
Sessions: “Well it’s your plan. That’s the plan the President submitted.”
Geithner: “You’re absolutely right that with the president’s plan, even if Congress were to enact it, and even if Congress were to hold to it and reduce those deficits to three percent of GDP over the next five years, we would still be left with a very large interest burden and unsustainable obligations over time”
Sessions: “It’s not acceptable. I’m sorry, but that’s not a plan for winning the future, that’s a plan for losing the future…”