Senator: Obama Creating Panic To Push Through Debt Hike
White House engaging in similar dirty tricks to “martial law” threats before 2008 bailout vote
Paul Joseph Watson
Wednesday, July 13, 2011
Senator Jim DeMint has accused President Barack Obama and Timothy Geithner of deliberately fostering panic in order to push through an agreement that would allow the debt ceiling to be raised, accusing the White House of “burning the clock” in order to push a decision close to the deadline, echoing how Congress was threatened with “martial law in America” before the 2008 bailout vote.
On Sunday Treasury Secretary Geithner painted a grim picture of the so-called economic “recovery,” telling NBC’s Meet the Press, “it’s going to feel very hard, harder than anything they’ve experienced in their lifetime now, for a long time to come.”
Geithner also told Fox News that the US would be forced into default if an agreement on raising the debt ceiling was not reached.
Accusing Geithner of playing “chicken little” by irresponsibly spreading fear of a catastrophe, DeMint said the administration was deliberately fanning the flames of panic in order to secure a deal on its own terms.
“It’s not ideal but we don’t need to panic and rush into a deal and the President has actually been burning the clock with these secret negotiations pushing us against a deadline so he can create this panic,” DeMint told NBC’s The Today Show.
“We need to keep calm and if the President would work with us on some reasonable cuts, we’ll work with him on giving him an increase on the debt limit. Now is not the time to panic and do something else that is going to make our economy worse and cost us most jobs,” he added.
Federal Reserve Chairman Ben Bernanke echoed Geithner’s warning today, telling Congress that if it fails to raise the debt ceiling by August 2, the economic fallout could be “catastrophic,” “self defeating” and “dire.”