stampout

Obama Wants Dictatorial Power to Increase Debt

by Kurt Nimmo, Infowars.com  |  published on December 1, 2012


The former president of the Federal Reserve Bank of New York and current Treasury boss Timothy Geithner has informed Republicans that Obama wants absolute authority to increase the national debt.

Geithner’s proposal was met with derision and laughter by Republicans.

“Well, it’s outrageous,” Sen. John Cornyn (R-Texas) told Fox News when asked about Obama’s plan to personally dictate the finances of the United States. “It’s profoundly irresponsible. So that’s a crazy idea and I’m amazed that Secretary Geithner had the courage to float that yesterday.”

The idea floated by Geithner would give the president sole power to unilaterally raise the debt ceiling at any time. Congress could pass a resolution to stop the increase, but it would require a two-thirds vote of both chambers to pass and could still be vetoed by the president.

As it now stands, the so-called debt ceiling can only be increased following a vote by Congress.

Prior to the First World War, Congress directly authorized the amount borrowed through the Treasury Department, but this was changed in 1917 to pay for a scheduled war. The increase was termed a debt ceiling. It has been raised 78 times since 1917 (in 2001 alone, it was raised an astounding 11 times).

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