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Owww ... I bet that left a mark

Yesterday, while grilling Treasury Secretary Timothy 'Wonder Boy' Geithner, Sen. Judd Gregg gave the Obama Administration a good old-fashioned thumping:

In his opening statement, Gregg politely called the administration's budget forecast a lie.

"The argument that it cuts the debt in half in four years is, ahh, is truly spurious," he told Geithner ... Gregg said the budget is essentially "putting on our children's backs a debt they can never get out from underneath."

He added pointedly, "I think we're putting at risk not only our children's future, we're clearly putting at risk the value of a dollar and our ability to sell debt."

[...]

"The argument that this budget doesn't have tax increases [on everyone] is, I think, an 'Alice in Wonderland' view of the budget," he said.

He challenged the budget's math on cutting the debt: "When you take the deficit and quadruple it and then you cut it and half, that's like taking four steps back and two steps forward. That's not making any progress; you're still going backwards."

Gregg questioned why any foreign country would continue to buy up U.S. debt: "Because if I'm in the international marketplace, and I'm looking at this budget, I'm saying to myself, 'Where's the discipline? Where's the containment?' There isn't any."

And Gregg was simply piling on what Warren Buffett said a few days earlier, when he described the current recession as "an economic Pearl Harbor," then ripped the Obama Administration's handling of the situation:

... people knew in a general way what had to be done and they knew who they had to respond to a leader who was unquestionably the commander and chief. And so you didn't have--start congressional hearings on December 8th, you know, that were going to last for weeks while all of the commanders and the various people were in various ways pilloried or taunted or whatever about `Why in the world did they let this happen?' and the Republicans didn't say, `You Democrats have been in since 1933, and it's all your fault.' None of that.

... if you're in a war, and we really are on an economic war, there's a obligation to the majority to behave in ways that don't go around inflaming the minority. If on December 8th when--maybe it's December 7th, when Roosevelt convened Congress to have a vote on the war, he didn't say, `I'm throwing in about 10 of my pet projects,' and you didn't have congress people putting on 8,000 earmarks onto the declaration of war in 1941.

... I don't think anybody on December 7th would have said a `war is a terrible thing to waste, and therefore we're going to try and ram through a whole bunch of things and--but we expect to--expect the other party to unite behind us on the--on the big problem.' It's just a mistake, I think, when you've got one overriding objective, to try and muddle it up with a bunch of other things.

Wow. I'm grateful to see some big-league hitters (outside of the conservative blogosphere) finally call down the Obama Administration and expose their transparent attempts to use fear and uncertainty as leverage against common sense as they try to sell America a socialist utopia big government snake oil cure for all that currently ails us.



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Comments (10)

Judd Gregg will be called J... (Below threshold)
GarandFan:

Judd Gregg will be called Judas, and added to the list of "enemies".

It's all "a vast right-wing conspiracy".

Question of the day: Is the Sec Treasury going to be thrown under the bus? Can't be very effective if they are mocking you on SNL.

This entire administration ... (Below threshold)
irongrampa:

This entire administration resembles a cross between the Keystone Kops and the Gang That Couldn't Shoot Straight.

irongrampa, good analogy.</... (Below threshold)
WildWillie:

irongrampa, good analogy.

The left was taken in by this empty suit. There hatred for GW made them incapable of reasoned thought concerning Barry. ww

Obamanomics:Spending... (Below threshold)
STaylor:

Obamanomics:
Spending money you don't have when times are bad to purchase things you couldn't afford when times were good.

We should all strive to run our households this way. Now if you don't mind I got an isolated cabin in the mountains to work on.

"Now if You dont mind I ... (Below threshold)
914:

"Now if You dont mind I got an isolated cabin in the woods to work on."

I am going to look into getting one of those too..And plenty of ammo to boot.

Very timely, Michael!... (Below threshold)

Very timely, Michael!

Gregg questioned why any foreign country would continue to buy up U.S. debt: "Because if I'm in the international marketplace, and I'm looking at this budget, I'm saying to myself, 'Where's the discipline? Where's the containment?' There isn't any."

AP is currently reporting:

"China's premier didn't say it in so many words, but the implied warning to Washington was blunt: Don't devalue the dollar through reckless spending.

Premier Wen Jiabao's message is unlikely to be misunderstood at the White House. It is counting on Beijing to help pay for its stimulus package by buying U.S. bonds. China already is Washington's biggest foreign creditor, with an estimated $1 trillion in U.S. government debt. A weaker dollar would erode the value of those assets."

"Don't devalue the dollar t... (Below threshold)
GarandFan:

"Don't devalue the dollar through reckless spending."

Unfortunately Barry Obama, Nancy Pelosi and Harry Reid were unavailable for comment. They're too occupied planning next years budget with INCREASED spending on health care, education and energy.

How did Buffett (the Oracle... (Below threshold)

How did Buffett (the Oracle of Omaha) not see this coming?
http://www.rightklik.net/

Obama was elected in large ... (Below threshold)
RicardoVerde:

Obama was elected in large part by the gullible, the naive, and those that want a little too much sugar for their dime. Maybe next time we should worry a little less about electronic enhanced oratory and wee bit more about sound character and judgment.

I don't know much about thi... (Below threshold)
Tammy:

I don't know much about this Judd Gregg character, but I'm starting to like him.




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