Tags: Boehner | Geithner | DeMint | Paul

Boehner, Republicans Demand Geithner Quit

Sunday, 07 Aug 2011 08:36 PM

By Newsmax Wires

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House Speaker John Boehner and several other prominent members of Congress want Treasury Secretary Timothy Geithner to quit or be fired.

But Geithner, who had considered stepping down after the government borrowing limit was raised, confirmed on Sunday that he will remain at his post at President Barack Obama's request.

"I love my work. And I think if a president asks you to serve, you have to do it," Geithner told NBC/CNBC in an interview.

With the U.S. unemployment rate above nine percent and the economy still scarred by crisis, "we still have a lot of work to do", he added.

Geithner had indicated he might leave after a debt-ceiling increase was approved, partly because his family was returning to New York, where his son is planning to attend his final year of high school this autumn.

But administration officials had signaled that both Obama and White House chief of staff William Daley had urged him not to leave now.

Boehner has called on Geithner to step down before, but an aide to the Ohio Republican told The Hill Saturday morning that the speaker really wants Geithner to leave in the wake of Standard and Poor’s downgrading of the U.S. credit rating from AAA to AA+.

Also demanding Geithner’s ouster is Sen. Jim DeMint, R-S.C., who issued a statement saying: "The president should demand that Secretary Geithner resign and immediately replace him with someone who will help Washington focus on balancing our budget and allowing the private sector to create jobs.

"For months he opposed all efforts to reduce the debt in return for a debt ceiling increase. His opposition to serious spending and debt reforms has been reckless and now the American people will pay the price," DeMint said.

Editor's Note: Some experts fear that 50% unemployment, a 90% stock market crash, and 100% inflation are on the horizon. Watch the Aftershock Survival Summit Now, See the Evidence.

Echoing him is Sen. Rand Paul, R-Ky., a co-founder with DeMint of the Senate Tea Party Caucus. “We must get new leadership, and put in place people who have seen problems coming and offered credible solutions, rather than those who continue to misdiagnose and mismanage our economy,” Paul said Saturday.

Minnesota Republican Rep. Michele Bachmann, who founded the House Tea Party Caucus and is running for the GOP nomination for president, told Fox News’ Greta Van Susteren: “I call on the president to seek the immediate resignation of Treasury Secretary Tim Geithner and to submit a plan with his list of cuts to balance the budget this year, turn the economy around and put our people back to work.

Rep. Michelle Bachmann, R-Minn., and businessman Herman Cain, both presidential contenders and Tea Party favorites, have also called for Geithner’s resignation.

Geithner has faced calls to resign before. Republican lawmakers wanted him to leave in 2009 for what they deemed as a poor response to the deep recession following the 2008 financial crisis. He faced more calls last year amid a congressional investigation into the AIG bailout for decisions he made in his previous position as head of the New York Federal Reserve that may have led to banks getting billions more than necessary.

The White House on Saturday blamed the bruising months-long battle in Congress to raise the debt ceiling for the downgrade. But administration officials also dispute the S&P analysis, saying it overstated U.S. debt by $2 trillion.

“A judgment flawed by a $2 trillion error speaks for itself,” a Treasury spokesman said.

Editor's Note: Some experts fear that 50% unemployment, a 90% stock market crash, and 100% inflation are on the horizon. Watch the Aftershock Survival Summit Now, See the Evidence.

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