Gowdy Asks Geithner How Much More Do We Need to Borrow

Senator Gowdy Questioning Geithner About How Much More We Need to Borrow to Cover All Debt

Geithner Asked What Would Be the Very Last Debt Ceiling Request; Geithner Says “A Lot, It Would Make You Feel Uncomfortable”

Geithner would not give a specific answer.

We are undoubtedly going to end up with another 8 to 10 trillion in debt within the next 8 years because the Democrats refuse to cut spending, fight for entitlement reform, and to even pass a budget, any budget.

Democrats refuse to pass any budget unless it includes cuts and increased spending. At some point, we do need to risk a government shutdown.

It is only this past week that we learned that  Boehner approved the tax increases on the rich which Obama asked for – he gave Obama everything he wanted and Obama turned it down. Obama then went out and lied about it.

RUSH: I’ll take you back to Monday of this week.  Remember that front-page story in the Washington Post about the debt deal last summer, this interminably long piece by Peter Wallsten and a couple of other people?  We spent a good part of the program trying to figure out: Why now? Because that piece (nine pages if you print it out, front page Washington Post, top of the fold) let it be known that Obama lied to the people of this country in a nationally televised address.  The lie was that the Republicans did not budge.  They were interested only in expanding the debt ceiling by virtue of budget cuts, that they would not agree to tax increases.

When, in fact, Boehner and Cantor had agreed to tax increases, $808 billion of them.  And when they did that, Obama immediately shut down negotiations, because that was what he wanted.  They gave him everything he wanted.  Why he couldn’t have that.  He didn’t want a deal where the Republicans were compromising a way that helped the deal get done because he wanted to run against a do-nothing Congress.  So when they agreed to $800 billion in tax increases, panic set in. They shut it down, called the media in for a nationally televised address and just out-and-out lie.

And this story said so.  And the story also said that as a negotiator, Obama was the only things:  Arrogant but incompetent.  It also pointed out that Harry Reid and Pelosi were mere useful idiots in all of this, that it was Obama’s show. They had nothing to do with it, but they were set up to take a lot of the heat politically.  Those were the three primary things came out.  I said, “What is going on here?”  Washington Post.  You remember if you were here Monday, we agonized — humorously and with good cheer — for two hours.

And we finally came to conclusion that the best guess was that this story resulted from angry Democrats in the House and the Senate because Obama, when he runs against a “do-nothing Congress,” he’s running against Democrats in Congress, too.  And Obama had told Reid and Pelosi:  I’m not campaigning for you, and I’m not giving you any of my war chest for your campaign efforts. So the Democrat Congressional and Senatorial Campaign Committees were told: I’ll give you one fundraiser stop each, but I’m not gonna give you any money.  So therefore this story hits.  And that’s the best guess we came up with. Now I’ve gotta add something else to the mix.  It’s David Corn’s book, which tells an entirely different story…..Read transcript – Boehner offered $800 billion in tax increases on the rich