In which Timothy Geithner speaks to our real power

Geithner: We Should Eliminate the Debt Ceiling

Treasury Secretary Timothy Geithner says he believes the U.S. debt ceiling should be eliminated in a new interview with Bloomberg’s Al Hunt.

“Do you agree with Alan Greenspan that we ought to just eliminate the debt ceiling?” Hunt asks Geitner.

“Oh, absolutely,” he replies.

The Treasury estimates the United States will surpass the debt ceiling — a legal restriction on the amount of money the U.S. government can borrow — at the end of 2012. The current debt ceiling is approximately $16.4 trillion.

Congressional action is required to increase the debt ceiling.

Congress is an impediment to, … well … ‘progress’, you see. Their interference with our plans for what is best for all you people, is becoming a danger, especially since they will always give in , anyway. I mean which one of these fools will want to be pegged with holding back the debt and making it obvious that other than an increase in the credit limit, it is impossible to pay the bills we have incurred?

Why should a Treasury Secretary, appointed by the elected president have to worry about satisfying these fools, anyway?

The credit limit must be in the hands of those who understand the use of power. That is not Congress, my firends.