- The budget fails to address the long-term solvency of Medicare and Medicaid. As Geithner himself said, “Even if Congress were to enact this budget we would still be left with–in the outer decades as millions of Americans retire–what are still unsustainable commitments in Medicare and Medicaid.”
- The administration doesn’t like the Ryan plan, but has no plan of its own to deal with the nation’s long-term debt problem. Geithner again, “We’re not coming before you to say we have a definitive solution to that long-term problem. What we do know is we don’t like yours.”
- “President Obama’s FY 2013 budget does increase federal spending, not only above current levels (from $3.796 trillion in FY 2012 to $5.537 trillion in FY 2021, a 46% increase) but also above the levels approved by current law” (i.e., the August 2011 debt deal). Geithner could not answer with “Yes” or “No” when asked whether the budget increased federal spending above those levels set by that deal.
Sunday, February 19, 2012
Gay Patriot looks at Obama's proposed joke of a budget and Timothy "TurboTax" Geithner's testimony before the House earlier this week and comes away with three key points: