Geithner slams Toomey's debt ceiling proposal

[BzaDem]

"Wasting no time, Treasury Secretary Timothy Geithner fired back a letter to Sen. Pat Toomey Thursday, bluntly telling the Pennsylvania conservative that his legislative ideas on the debt ceiling crisis are “unworkable” and “quite harmful if enacted.”

...

"“We understand that you define default narrowly in this context to apply only to debt service payments,” Geithner writes Toomey, “But the term is equally applicable to the broad failure contemplated in your legislation to meet other important U.S. obligations. That is how it would be regarded by global markets.”

“A simple analogy may help illustrate the problem” the secretary writes, suggesting the tone of a teacher addressing a confused pupil.

“A homeowner could decide to ‘prioritize’ and continue paying monthly mortgage payments, while opting to cease paying other obligations, such as car payments, insurance premiums, student loan and credit card payments, utilities and so forth. Although the mortgage would be paid, the damage to that homeowner’s creditworthiness would be severe.”

http://www.politico.com/news/stories/0211/48825.html

:rofl:

[HopeHoops]

1. Toomey is a pimple on an anal wart. He's just another Santorum.

Well, other than the fact that Toomey actually LIVES in PA.