Secretary of the Treasury Timothy Geithner says that our spending is out of control, our deficits too high. He says that America must “live within its means” to protect the value of the dollar. This might be a stretch, but given the stimulus package that Only Joe Biden sees as working, and the cao and trade effort and universal healthcare debacle being considered in Congress at the moment, might we suggest that he deliver this message to his Boss FIRST:
WASHINGTON (Reuters) – The United States must live within its means once its economy recovers if it is to preserve global confidence in the U.S. dollar’s status,said on Friday.
The comments came as the Obama administration reported a recordfor the fiscal year ended September of $1.4 trillion. At 10 percent of gross domestic product, it was the biggest U.S. fiscal shortfall since World War Two.
Rescuing the economy and some of the country’s biggest banks from the worst recession since the Great Depression took a toll on U.S. finances, and the White House has forecast deficits of more than $1 trillion through fiscal 2011.
“Future deficits are too high, and the president is committed to working with Congress to bring them down to a sustainable level as the economy recovers,” Geithner said in a statement accompanying the fiscal data.