Getting your player ready...
WASHINGTON — Treasury Secretary Timothy Geithner said Wednesday that Congress must raise the debt limit and suggested lawmakers consider pegging the debt cap to an index to avoid having them vote to increase it from time to time.
“We are the only country in the world that I’m aware of, or any serious country, that requires its elected representatives to periodically go back and raise the limit,” he said, testifying before a House appropriations subcommittee. “I don’t know why you want to live with that.”
Geithner said the numerical limit “is not proven to be of any value” as a tool for fiscal discipline.
