Geithner: We need a deal by next week
July 12th, 2011
11:26 AM ET
3 years ago

Geithner: We need a deal by next week

Washington (CNNMoney) - Treasury Secretary Tim Geithner said Tuesday that he wants a deal to raise the debt ceiling and cut the budget by the end of this week - or next week at the latest - to give Congress enough time to turn the deal into law.

"We know we don't have a lot of time, and we want to wrap up the broad outlines of the agreement by the end of this week, certainly by the end of next week," Geithner said at the Women in Finance Symposium at the Treasury Department.

FULL STORY

Filed under: Congress • Debt • Deficit • Tim Geithner
soundoff (30 Responses)
  1. California Conservative

    The guy that couldn't even do his own taxes right.

    I'ts very simple, CUT SPENDING.

    We have a spending problem people.

    July 12, 2011 11:33 am at 11:33 am |
  2. BD

    This guy isn't qualified to be a cashier at Wal Mart. Why would anybody listen to anything he says. What a loser.

    July 12, 2011 11:51 am at 11:51 am |
  3. MICK

    Cut spending is the key. NO TAX INCREASES.

    Killing off Social Security, Medicare, and Medicaid would be a good start.
    Time to tell the people the truth. We can afford this social programs.

    WE CAN'T INCREASE TAXES ON THE VERY PEOPLE THAT WILL LEAD THIS COUNTRY OUT OF THIS RECESSION!!!!

    MICK
    TEA PARTY MEMBER
    WOLF CREEK MONTANA

    July 12, 2011 11:54 am at 11:54 am |
  4. Chris

    Repeat after me: closing needless tax loopholes for well-connected wealthy elites is not the same as raising taxes on the American people!!

    July 12, 2011 11:56 am at 11:56 am |
  5. John

    Yes we have a spending problem and the Republican should have stop It TEN YEARS AGO. Fighting two wars America couldn't pay for. And to pay for to rebuilt two country America couldn't pay for. And now the Republican are signing Pledge to SPECIAL Conservative GROUP. Each Republican In the House and Senate should have Ethics Charges brought against Them The Republican Or Democrats should be able to sign any Pledge to any special Group, This should be against the LAW. Because each Republican have all Ready took a OATH OF OFFICE WHEN THEY WAS ELECTED. So In signing this Pledge to this Special Group they broke there OATH TON America and should have to resign from there OFFICE. Because they OATH they Took say and they swear on It they would do the Best JOB they could for All American People and In best Interest to America. And keeping there pledge to this SPECIAL GROUP , and letting America Default on It DEPT IS NOT IN THE BEST INTEREST OF AMERICA. So EACH Republican broke there OATH to AMERICA and To ALL AMERICAN PEOPLE. And they should have to resign from Office.

    July 12, 2011 11:57 am at 11:57 am |
  6. Name king

    We have a 500 billion dollar unpaid for bush tax cuts every budget cycle, if we are taking in 1 trillion dollars in revenues and our budget is 1 trillion 500 billion, I say take away the 500 billion tax cut and balance the budget, thats all the cut you have to make. This trickle down economic does not work. Because the trickle down is heading side ways over seas. Now it's the trickle side ways economics now.

    July 12, 2011 11:57 am at 11:57 am |
  7. Lynda/Minnesota

    Hey, Mr. Geitner. There is a lot which I would like by the end of next week as well: A stable government minus the Tea Party theatrics comes to mind. Unfortunately, I don't see this happening anytime soon, certainly NOT with the Cantor's, the Boehner's, and the McConnell's, (et. al.) that are now running the GOP. Considering the current batch of GOPer hopefuls running for President, I don't see much improvement down the road, either. Kinda have to wonder where each their priorities are ... a better America, or a hefty war chest for their up and coming 2012 presidential and/or congressional election coffers? I'm betting on the latter.

    July 12, 2011 12:00 pm at 12:00 pm |
  8. Fair is Fair

    As if you really care, Timmy Turbo Tax. You're outta there as treasury secretary soon, and you made plenty off the wall street bailout. Go buy a piece of an island somewhere and take your roadmap-looking forehead with you.

    July 12, 2011 12:05 pm at 12:05 pm |
  9. Democrat Tax and Spend Forever!

    Interesting how democrats love to tax us for their incompetence, yet want us to listen to a guy who evaded paying his own taxes? The rich already pay almost all of our countries taxes, it's no small wonder why they don't want to invest in our country anymore.

    July 12, 2011 12:14 pm at 12:14 pm |
  10. Rudy NYC

    California Conservative wrote:
    We have a spending problem people.
    --------------
    I agree. We spend more than what we take in. It all started when the GOP decided they didn't like a surplus. They wanted to go back to Reaganomics and deficit spending.
    A policy that created two recessions while Reagan was in office. And guess how he fixed it. He fixed it by raising taxes to sustainable levels. Both of his self inflicted recessions were cured by tax increases. His economic theory was a complete bust on the national economy.

    July 12, 2011 12:17 pm at 12:17 pm |
  11. A Kickin` Donkey

    Anyone that has followed financial markets knows how quickly they can turn. How many times have we seen clueless stock market analysts [Bartaromo] scratching their heads wondering where `this-or-that` 1-day "500-point" drop or 10% drop in the stock market came from?

    In the President`s 1st two years, he has restored people`s 401K`s. The market is up 40%+. In this sense people are better off than they were. If people loose those gains, they will strike the Republicans down.

    Stop jerking with the debt ceiling GOP`ers!

    July 12, 2011 12:18 pm at 12:18 pm |
  12. Rudy NYC

    The Republicans sold the Bush Tax Cuts to the American people as being temporary. That's just like me owning a store and putting milk on sale for a few days. When the sale is over, I restore the price. That is not a price increase, that's called the end of the sale. The sale on tax cuts needs to end, just as the GOP promised. Bush pledged this to the American people from the Oval Office on national television. "Temporary."

    July 12, 2011 12:20 pm at 12:20 pm |
  13. California Conservative

    Rudy NYC

    Without major changes and cuts to the debt the insanity will continue.

    The democrats argument of continued spending is a recipe for disaster.

    You can continue to blame and complain about the past but it does nothing for the present and future.

    July 12, 2011 12:21 pm at 12:21 pm |
  14. California Conservative

    From Sen. Obama’s Floor Speech, March 20, 2006:

    The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that “the buck stops here.” Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.

    Obama in his own words still holds true today.

    July 12, 2011 12:23 pm at 12:23 pm |
  15. Rudy NYC

    "Interesting how democrats love to tax us for their incompetence...."
    --------------
    Democrats raise taxes to make up for Republican incompetence. Republicans seem to be in love with deficit spending. Our current path was constructed by GWB.
    FY2009 was by Bush
    FY2010 was by Obama and Democrats
    FY2011 was written by House Republicans.

    July 12, 2011 12:24 pm at 12:24 pm |
  16. Four and The Door

    The deal is there. Obama just needs to take it. The ball is in his court.

    July 12, 2011 12:36 pm at 12:36 pm |
  17. Rudy NYC

    California Conservative wrote:
    Without major changes and cuts to the debt the insanity will continue.
    --------------
    Change is coming. If you do not understand the road you are on, then you will never find your way to the correct road.
    If you wish to complain about deficits, you need to accept the fact that Obama didn't drive us into the ditch. FY2009, which was Bush's last year, ran a $1.5T deficit. We have been at that level ever since.
    Republicans have no wish to honor their own word, their own oath and promise to the American people that the Bush Tax Cuts would be temporary. Those cuts amount for almost all of our annual deficit. The 2 year extension costs us one trilion dollars.

    July 12, 2011 12:41 pm at 12:41 pm |
  18. Rudy NYC

    Four wrote:
    The deal is there. Obama just needs to take it. The ball is in his court.
    --------------
    There is no deal on the table. There is only coercion into a shotgun wedding.

    July 12, 2011 12:42 pm at 12:42 pm |
  19. Four and The Door

    Rudy NYC
    There is no deal on the table. There is only coercion into a shotgun wedding.
    ____________________________________________________________________________________________
    The Republican deal is practical. It matches the debt hike with savings so that the debt ceiling really has some meaning.
    The Democrats are only playing politics by trying to get a tax increase along with it. But that's what they are all about. Washington Political games rather than just managing a country. We can do better.

    July 12, 2011 12:47 pm at 12:47 pm |
  20. Rudy NYC

    Four wrote:
    The Democrats are only playing politics by trying to get a tax increase along with it.
    --------------
    The Republicans don't even have a "deal". They walked out of the "Gang of Six" and VP Biden's group. The Republican deal is "no deal."
    Tax increase? Ending a temporary tax cut is an increase? The Republicans keeping their word if against their morals.
    I cannot believe the current GOP leadership is doing the stuff that they are. They must have one heck of trick up their sleeve. Electing a black man as POTUS has caused most conservatives to be blinded by hatred, and lose their common sense of reason.

    July 12, 2011 12:57 pm at 12:57 pm |
  21. Sniffit

    "The Republican deal is practical. It matches the debt hike with savings so that the debt ceiling really has some meaning.
    The Democrats are only playing politics by trying to get a tax increase along with it. But that's what they are all about. Washington Political games rather than just managing a country. We can do better."

    You're extremely tiresome. The revnue problem was created in 2001 and 2003 by the Bush tax cuts, the the two wars that the GOP borrowed for instead of levying a war tax (first time that was ever not done), and then their raid on the SS trust fund so that SS could be claimed to threaten the budget when it was set up to have nothing to do with the budget and the deficit. Again, the math doesn't lie. The Bush tax cuts created a REVENUE PROBLEM because they were enacted BEFORE spending cuts were enacted. It was done PURPOSEFULLY to create the debt and deficit problem in order to jsutify the GOP's current calls for the destruction of Medicare, Medicaid, SS, welfare, etc. How do we know it was on purpose? Simple: the buudgetary ruination brought about by the GOP's actions under Bush were foreseeable, predictable and inevitable. The GOP wants a Banana Republic of America full of indentured servants completely beholden to their employers...and don't you dare vote in a manner your employer doesn't like. They want plutocracy because in a couple decades, demographics show that democracy won't be very convenient for the GOP any more.

    July 12, 2011 12:57 pm at 12:57 pm |
  22. Rudy NYC

    A Kickin' Donkey wrote:
    In the President`s 1st two years, he has restored people`s 401K`s. The market is up 40%+.
    --------------
    Wrong. The US stock market is up over 50%. The GDP is 5% higher. The jobs per month was up to almost one million job improvement. That is, until the GOP governers took over and starting making cuts and laying off public workers.

    July 12, 2011 01:01 pm at 1:01 pm |
  23. MPeters

    @Four and the Door: The only people I see playing political games are the Republicans. 80% of the American public, according to the latest polling, says that we need to RAISE taxes. Hell, even Warren Buffett–the richest man in America–says we need to raise taxes. Additionally, the Republicans cleanly passed a debit limit raise for the Debt that it incurred SEVEN times under Bush. Seven. Not 1, 3, 5...but SEVEN! Including Boehner and Cantor, who individually have voted no less than 19 times to increase the debt ceiling–without preconditions–under the 8 years of Bush. Now all of a sudden such debt limit spending is intolerable?

    Finally, the Republicans have NO LEG to stand on. They proposed the Ryan Budget. The Ryan Budget would run upward of a Trillion Dollar Deficits for 10 years necessitating approximately 10 years worth of debt ceiling votes (i.e., we would have to raise the debt limit every year for the next 10 years under the Ryan Budget proposal), and that is even ASSUMING that we got to 2.8% unemployment (completely unrealistic; we've done it ONCE in the past century for one year, 1958) as it assumes. There is NO WAY they can possibly be playing anything other than politics with the debt ceiling if their own budget proposal necessitates raising the debt ceiling every year for the next 10 years.

    Sit down. Shut up. And read and learn something before popping off at the mouth.

    July 12, 2011 01:03 pm at 1:03 pm |
  24. B

    Talk to Mr. McConnell ! He is betting on getting rid of Obama on this one!

    The Republicans are really going to screw themselves into the ground politically with this.

    July 12, 2011 01:04 pm at 1:04 pm |
  25. Rudy NYC

    Four wrote:
    The Democrats are only playing politics by trying to get a tax increase along with it.
    --------------
    Wrong. Democrats asked for a clean vote. Republicans refused. They wanted additional cuts, so Democrats demanded an end to the Bush Tax Cuts. It was the Democrats who called for a clean vote. It was the House Republicans who felt short changed by the FY2011 budget cuts, so they have demanded more. Oh yeah, almost all House Republicans have already pledged not to raise the debt ceiling. America is insulted by how much ignorance the Republicans have assumed that the people have.

    July 12, 2011 01:05 pm at 1:05 pm |
1 2