Tags: Geithner | Opinion | Tea Party

Geithner Swipes at Tea Party in Op-Ed

Tuesday, 02 Aug 2011 11:11 PM

By Newsmax Wires

Treasury Secretary Timothy Geithner took a swipe at the tea party in a Washington Post opinion piece posted after the debt-ceiling law was signed by President Barack Obama.

"The agreement removes the threat of default and lowers the prospect of using the debt limit as an instrument of coercion. It should not be possible for a small minority to threaten catastrophe if the rest of the government decides not to embrace an extreme agenda of austerity and the dismantling of programs for the elderly and the less fortunate," Geithner wrote.  "Beneath all the bluster, the prospects for compromise on broader and deeper reforms are better than they have been in years."

Sounding optimistic, Geithner praised the current legislation saying the cuts it offers now, plus the measures expected to come by the end of November,  will put the country on a more balanced track to reduce its debt. He also was optimistic leaders of both parties can come to compromise:

"Leading Republicans have begun talking about tax reforms that will raise revenue and help reduce the deficit. Democrats recognize that we have to find savings to preserve programs for the elderly, the middle class and the poor, and to create room to help rebuild the economy, " Geithner wrote.

"Governing requires the recognition that we do not have unlimited resources. We cannot ask the American people to pay more in taxes without being able to demonstrate that we have found ways to use their taxes more wisely. Nor can we ask Americans to accept changes in Medicare and Medicaid if those savings will be used to pay for tax preferences for the most fortunate few."

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