This is funny in pitiful way. Here’s Tim Geithner’s testimony in a nutshell: “Yeah, that budget is unsustainable and will lead to inevitable disaster — but what other choice do we have?”
In news about other economic savants in the White House, Obama’s new Press Secretary claimed today that money borrowed to pay interest on old debt isn’t new debt. Come again?
Well, in that case let’s just borrow $14 trillion to pay off the entire national debt and we’re in the clear!