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Wednesday, July 29, 2009

Geithner to Chinese: Don't Worry, Trust Us; We'll Only Spend What We Need to Spend

After China expressed reservations about Obama's current spending habits, Little Timmy Geithner tried to reassure them by telling them, basically, not to worry and trust us. We'll stop spending whenever our economy stable:

Treasury Secretary Timothy Geithner says he has reassured China that the United States will take steps to address rising budget deficits once the economic recovery is firmly in place.

China has huge investments in the United States and has worried it could be undermined by U.S. budget deficits. Geithner says the Obama administration plans to reverse the spending of hundreds of billions of dollars devoted to stimulating the economy and propping up a teetering financial system.

I'm sure that was a huge relief to China, the country that holds most of our national debt in their hands. The real question is when will Obama and the Democrats feel that the economy is stable enough to stop. The whole point is speculative, at best. "Stable" is a relative term. Democrats' could drag this deficit spending bonanza as long as they see fit.

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