08 Aug 2009

An Odd Comment From Geithner

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Treasury Secretary Timothy Geithner has urged Congress to raise the federal debt limit, currently chafing the administration at a measly $12.1 trillion. But as Robert Wenzel noted, Geithner’s reasoning is odd:

“It is critically important that Congress act before the limit is reached so that citizens and investors here and around the world can remain confident that the United States will always meet its obligations,” Mr. Geithner said in a letter to lawmakers.

When somebody owes you money, do you feel reassured when they say, “It’s fine, I’ll pay you back. I just got a new credit card.” ?

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