Tax cheat Timothy Geithner today said the current Democratic spending binge would be short term. Democrats are spending over a billion dollars every hour since they took control of government in January.
No kidding. It’s not like you can continue to spend money you don’t have for ever.
The historic spending was a liberal’s dream come true.
It’s just the debt that’s going to hurt.
The AP reported:
President Barack Obama’s ambitious new budget faced bipartisan skepticism Thursday as key senators questioned the administration’s long-term budget outlook and the deficits it envisions rising in the middle of the next decade.
Treasury Secretary Timothy Geithner defended it in testimony before the Senate Budget Committee, saying current increases in spending are short term and will have to be substantially reduced to get the country back into fiscal shape.
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Still, the Democratic chairman of the Budget Committee, Kent Conrad of North Dakota, called the track of future deficits “unsustainable” and singled out Obama’s proposal for spending $634 billion on health care over the next 10 years.
“Some of us have a real pause about the notion of putting substantially more money into the health care system when we’ve already got a bloated system,” he said.
Sen. Judd Gregg, R-N.H., complained that the budget does not tackle rising entitlement spending on Social Security and Medicare. Geithner countered that the administration intends to confront rising health care costs with broad reforms that will significantly reduce Medicare spending.
In February Senator Gregg said the US is facing bankruptcy because of the enormous debt that is facing future generations since Democrats took over this year.