A lesson in "math and economics" from Secretary Geithner
At the House Budget Committee, Treasury Secretary Tim Geithner was pressed on President Obama’s claim that a budget that adds $13 trillion to the debt “will not be adding more to the national debt.”
House Budget Committee freshman Rep. Reid Ribble asked a simple question of the Treasury Secretary: Does the President's budget add to the debt or not? After struggling to explain the “sustainability” of a budget that continues to add hundreds of billions of dollars to the debt each year, Geithner admitted: “Now we don’t hold that over time because without doing a better job on health care costs… those deficits will start to grow again, and the debt will start to rise again.”
Chairman Ryan pressed him: “I don’t see how you can square [Press Secretary Jay] Carney, [OMB Director Jacob] Lew, and the President’s comment that we’re not adding to the debt. Your own table shows the debt going from $13 trillion to $26 trillion. How can you say you’re not adding to the debt?” Geithner’s response: “No…No… I’m just making a point about math and economics.”
(video: http://www.youtube.com/watch?v=8QCjQKJB53A)
In further questioning, Rep. Rob Woodall asked: "This budget never, ever, ever reduces the debt -- is that right?" Geithner responded: “Uh…that is correct.” (video: http://www.youtube.com/watch?v=vRBG3GQXPh4)
