The Cautious Optimism of Timothy Geithner
“I’m sure it’s fair to say that we could have done a better job,” he responded, but he added that the backlash was probably unavoidable. “There’s no way you can expect people to understand why is it necessary to do the things we have to do to essentially protect them…You look like you’re giving aid to the arsonist.”
While the banking discussion is by no means behind the American economy, more current and pressing events have stolen the spotlight. Chiefly, the debt ceiling, which the U.S. hit on December 31, 2012. As Treasury Secretary, Geithner was responsible for finding a way — any way — to fund America’s obligations while Congress sorted itself out.
Through extraordinary measures Geithner found a way to finance operations for about two months. This is just as long as Congress gave itself to reach a decision on the sequester, but political gamesmanship threatens a solution. On January 14, just about two weeks before he was set to depart, Geithner sent a letter to Congress urging them to act.