Florida Republican Congressman Connie Mack said on Wednesday that he intended to introduce a measure of no-confidence against U.S. Treasury Secretary Timothy Geithner. Mack has been calling for months for Geithners resignation.
Secretary Geithner repeatedly predicted that if the debt limit was not raised, the stock markets would crumble and our nation's AAA credit rating would be reduced, said Mack on Wednesday. Despite some members very public objections, the Congress as a whole went along and raised the debt ceiling as Geithner demanded. Immediately after, the foremost global financial markets fell precipitously, and Standard and Poors reducedAmericas credit rating.
Mack slammed Geithner on a number of other fronts including the continuing high unemployment rate across the nation and the state of the dollar.
Freshman U.S. Sen. Rand Paul, R-Ky., said on Tuesday night he would introduce in the Senate the measure of no-confidence.
In short, everything Secretary Geithner promised would not happen has happened because we raised the debt ceiling. Its time for a change and I commend Senator Paul for taking the legislative lead to invoke change in the administration, said Mack on Wednesday. Secretarys Geithners management of our nations assets is as appalling as asking hard-working Americans to pay more in taxes when he didnt pay his own.The writing was on the wall when Secretary Geithner was nominated by President Obama.
While the measure is not expected to pass the Democratic-controlled Senate, Paul, the son of presidential candidate Ron Paul and a favorite of the tea party movement, slammed Geithner when Standard and Poors lowered the federal governments credit rating over the weekend.
"Secretary Geithner assured everyone that raising the debt ceiling without a plan to balance the budget would not result in a downgrade to our debt," Paul said. "He was clearly wrong. Our debt has been downgraded for the first time in history, and now American taxpayers will have to suffer the consequences
"There is plenty of blame to go around, added Paul. Both parties have contributed to our $14 trillion debt. But it is hard to say this crisis wasn't predictable, because it was. House and Senate conservatives clearly predicted this, and also offered the only solution that could have prevented our downgrade with our 'cut cap and balance' plan.
"We must rescue our finances through a balanced budget amendment, and we must do it soon, insisted Paul. We must cut spending immediately. And we must get new leadership, and put in place people who have seen problems coming and offered credible solutions, rather than those who continue to misdiagnose and mismanage our economy."
There had been rumors over the weekend that Geithner intended to step down, but the administration made it clear that he would stay on until after the 2012 presidential election.
Secretary Geithner has let the president know that he plans to stay on in his position at Treasury, said Assistant Secretary for Public Affairs Jenni LeCompte.He looks forward to the important work ahead on the challenges facing our great country. ?
Reach Kevin Derby at kderby@sunshinestatenews.com or at (850) 727-0859.
