Treasury Secretary Tim Geithner is on CNBC responding to S&P’s surprise downgrade of the US debt outlook.
Follow along here.
First question is a softball: Do you agree with S&P’s negative assessment of the debt?
GEITHNER: Duh, no. It’s better, because everyone agrees that something must be done.
We disagree on how to do that. And we’re not going to resolve all those disagreements.
Question: What does the government say to people around the world?
GEITHNER: This is in our capacity to do.
Question: How does the US compare other AAA countries?
GEITHNER: Our growth is better, and our entitlement obligations aren’t that bad.
Question: What about the debt ceiling?
GEITHNER: What’s realistic is locking in in some goals.
Question: What about Medicare?
GEITHNER: Yes, we have to address that, but there’s a disagreement about how to do that.
And it’s over. He didn’t say much.