Sen. GOP leader McConnell ‘burst into laughter’ at Geithner’s proposal

large_file-geithnerMaybe U.S. Treasury Secretary Timothy “TurboTax” Geithner has a future in stand-up comedy. The proposal he presented Thursday on behalf of the Obama administration to avoid the fiscal cliff crisis caused Senate Minority Leader Mitch McConnell to “burst into laughter,” according to The Weekly Standard.

McConnell called it a “one-sided plan” that is “explicit on tax increases, vague on spending cuts,” saying it reflected “Obama’s insistence on tax rate hikes for the wealthy but unwillingness to embrace serious spending cuts,” The Standard reported.

A New York Times article offered more details on Geithner’s proposal, saying it included:

1.6 trillion in tax increases over 10 years, $50 billion in immediate stimulus spending, home mortgage refinancing and a permanent end to Congressional control over statutory borrowing limits.

U.S. House Speaker John Boehner expressed disappointment after his meeting with Geithner.

“The Democrats have yet to get serious about real spending cuts,” Boehner told The New York Times. “No substantive progress has been made in the talks between the White House and the House over the last two weeks.”

Get ready to bang your head against the wall.

A White House spokeswoman responded to Republican resistance to the proposal this way, according to The Times:

Right now, the only thing preventing us from reaching a deal that averts the fiscal cliff and avoids a tax hike on 98 percent of Americans is the refusal of Congressional Republicans to ask the very wealthiest individuals to pay higher tax rates. The president has already signed into law over $1 trillion in spending cuts and we remain willing to do tough things to compromise, and it’s time for Republicans in Washington to join the chorus of other voices — from the business community to middle-class Americans across the country — who support a balanced approach that asks more from the wealthiest Americans.

But let’s take a look at the last part of Geithner’s proposal, the so-called “permanent end to Congressional control over statutory borrowing limits.” Politico quoted a GOP Senate aide as saying the measure would end congressional approval of raising the debt ceiling and give the president “the authority to unilaterally raise the debt ceiling at any time.” However, in order to allow politicians the opportunity to scream, yell and stamp their feet if Obama did raise the ceiling, Congress would be allowed to pass a “resolution of disapproval, but it would require a two-thirds vote of both chambers to pass, and could still be vetoed.”

If this wasn’t all so pathetically sad and scary, I would enjoy a belly laugh at TurboTax Tim’s plan, too.

For a related story and video, “Tim Geithner: ‘Absolutely’ eliminate debt ceiling,” click here:

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Janeen Capizola

"And though she be but little, she is fierce." And fun! This conservative-minded political junkie, mom of three, dancer and one-time NFL cheerleader holds a bachelor of arts degree in political science. Janeen@BizPacReview.com. Twitter: @JaneenBPR
About Janeen Capizola

"And though she be but little, she is fierce." And fun! This conservative-minded political junkie, mom of three, dancer and one-time NFL cheerleader holds a bachelor of arts degree in political science. Janeen@BizPacReview.com. Twitter: @JaneenBPR

  • Rex

    WOW! Obama has the Democrats under his spell ! And the GOP is protecting the American people ! Impeach Obama and scrap ObamaCare ! What happen to the Democrats in the pass 4 years ? Obama is the devil !

  • Joanne Christie

    Obama & his cronies are a laughing stock of nit wits. It's time to boot this enemy of The People. Wake up America we are going over the cliff.

  • Jroland

    Although at the Dems rant that it is always the Republicans that are holding everything up, it is that I think they are really reading the fine print in all bill especially from "O" and Turbo Tax Man. In all bills there are entitlements built in ( one of the biggest entitlement problems we have) but to give "O" and the liberal another Knife to stab Americans in the back by uncontrolled spending power or unlimited debt ceiling. This would be another move to litterally destroy America or give Dictator like powers to "O" as his friends in Eygpt & Venezuela. Of coarse his buddy in Venezuela has oil being drilled and sold for his benifit, which "O" has no concept of oil & gas revenues here in the place of TAXES of anyone. I believe this would add jobs and wealth to the middle class which is against what he is trying to do to America. He cannot create classwarfare or civil unrest if the middle class is happy or content.

  • http://ASITISjohnnyblair@wordprss.com John

    Why don't Repubicans in the house pass what they are wanting to do and send it to the Senate and let them be them ones to say no. And p[lease don't be ridicules with your plan. Make it simple keep the present rates and close the the loop holes for the wealthy. I suggest you start at $1million as the wealthy, SO lets summarize keep present rates on all and close all loop holes on people making $ 1,000,000.00 and more period, no if ands or butts, no gimmicks or stuff put in just straight forward.

    Use common sense!

    .

  • Matthew Buchanan

    Taxes, although they are important, are just a distraction. Neither party has the gaul to attack the real issue in all of this. ENTITLEMENTS. They can raise taxes all they want, they can close every loop hole that ever existed. Until we reel in our catostrophic spending on entitlement programs we are doomed. Both parties are for bigger government, just in different flavors. VOTE LIBERTARIAN.

  • Dane

    Here we have a guy who lied and cheated on his own taxes and did not pay them at one time wanting to get more money out of others. Go figure. Whats wrong with the Dems or Dams they think they are doing great and wounderous work for this country and have enough followers to vote them in. Do you really think you can trust them to do anything right or good? Why are they not offering up their own money to balance this budget or give more money to charities they can voluntarily give more of thier money to the gov't no they want to keep theirs and spend ours. .The hard working people will shoulder no matter what they pass or do not pass. If you have a pay check comming in they will take as much from you as they can. I do not care if you make minimum wage. Just look around and you will also see your local and state taxes go up one way or the other. This while the so called poor little people of this country and it is the country's fault for their poor state of affairs according to them. Not one of them made a bad dission by themselves it was the our fault collectively that made women have babies out of wed lock, and someone had to shove the dope they take down their throats on and on the excusses. Now they are entitle and we will pay for their dission making. We desided we wanted to work to have good things, put in time and effort not to be a burden of the gov't and for that reason our taxes go up. Do not put these poor free loaders to work to earn anything just give it to them. I have seen to much in this country where bad has been rewarded and it is sickening.

  • Don Thompson

    Every morning when I get up, I turn on the news hoping to see 20 Abrahams tanks and a batallion of Rangers surrounding the White House (guns aimed inward). That would be much better than seeing IRS paramilitary breaking down civilian doors to enforce Obamacare.

  • Jan

    Good for McConnell Geitner is a JOKE!