Thread: Economics The Fiscal Cliff Approacheth
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Old 11-26-2012, 04:27 PM   #245
HonestChieffan HonestChieffan is offline
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And in return...Obama sends none other than Tim Geitner as the administration point man. Tim ****ing Geitner. This wont end well.

WASHINGTON (WSJ) — Timothy Geithner joined the Obama administration during a crisis. He’s hoping not to leave during one.

The White House has tapped the Treasury secretary as its lead negotiator in deficit-reduction talks with Congress, giving Mr. Geithner about a month to help cut a deal before $500 billion in tax increases and spending cuts begin in January—and before his long-planned departure from the administration.

It is a sharp change in role for the 51-year-old, who has been preoccupied largely with the U.S. financial crisis, banking policy and Europe’s debt crisis in the past four years.

The move is part of the White House’s effort to leave behind the near-catastrophic failure of 2011 talks over raising the debt ceiling. Those negotiations were led by a team, including Jacob Lew, then White House budget chief and now chief of staff, with whom Republicans frequently clashed because they felt Mr. Lew wouldn’t agree to major changes to entitlement programs like Medicaid.

At one point, an aide to Senate Minority Leader Mitch McConnell (R., Ky.) hung up on Mr. Lew. But people close to the White House effort said the blame lay on Republicans’ unwillingness to negotiate major changes to the tax code. They said Mr. Lew has been part of several successful efforts to reduce the deficit, stretching back to his time in the Clinton administration.
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