Geithner: Eliminate the debt ceiling
Because the executive branch should be able to spend the people's money with impunity.
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.
Don't you think it's a good idea that the executive branch should be forced to ask permission before they spend our children's money?