On Friday in an interview with Al Hunt from ‘Political Capital’ on Bloomberg TV, Treasury Secretary Timothy Geithner said that he would support any action by Congress to eliminate the debt ceiling, allowing for even more government spending.
Al Hunt asked Geithner if he believes “…we ought to just eliminate the debt ceiling.” “Oh, absolutely,” Geithner said. “You do? Will you propose that?” Hunt asked. “Well, this is something only Congress can solve,” Geithner said. “Congress put it on itself. We’ve had 100 years of experience with it, and I think only once—last summer—did people decide to use it to threaten default on the American credit for the first time in history as a tool for political advantage. And that’s not a tenable strategy.” Hunt then asked: “Is now the time to eliminate it?” “It would have been time a long time ago to eliminate it,” Geithner said. “The sooner the better.”
