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State Treasurer Calls For Geithner Resignation

Mourdock says that the U.S. will now see higher government interest rates, but the lowering of the credit rating will not greatly affect Indiana government.

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Mourdock says businesses and banks can‘t afford to be paying higher rates right now.

Indiana Treasurer Richard Mourdock is calling for the resignation of U.S. Treasury Secretary Timothy Geithner, following the S&P‘s downgrade of the country‘s credit rating. Mourdock saidthe lowering of the U.S. credit rating from AAA to AA+ is a direct result of raising the debt limit without providing enough spending cuts, and warned that the U.S. will now see higher government interest rates, which will lead to higher interest rates across the board.

“I think it‘s almost inevitable,” he said, “that we‘re going to see a further slowing of the economy, because businesses can‘t afford to be paying higher rates, and banks can‘t afford to be paying higher rates right now. It‘s just going to slow things down even further.”

Mourdock did explain that the lowering of the credit rating will not greatly affect Indiana government, adding that “in most Indiana statutes, it simply says we have to buy government securities without regard to ratings so we won‘t see big changes there. We may have to do a few modifications in some specific bond issues but it‘s not going to mean much by way of change here in state government.”

He’s calling for President Obama to fire Timothy Geithner, or at least for the Senate to withdraw its consent of Geithner’s appointment to the U.S. Treasury.

Mourdock will run against Senator Richard Lugar in the 2012 Republican primary.

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