Geithner: 'Obama Inherited Worst Fiscal Situation In U.S. History'

[babylonsister]

Kind of a shame people even needed to be reminded...

http://www.talkingpointsmemo.com/news/2009/03/geithner_obama_inherited_worst_fiscal_situation_in.php/

Geithner: Obama inherited worst fiscal mess ever

Treasury secretary says Obama inherited 'worst fiscal situation in American history'

STEPHEN OHLEMACHER
AP News

Mar 03, 2009 12:53 EST

President Barack Obama's Treasury secretary says the administration has inherited "the worst fiscal situation in American history."

Treasury Secretary Timothy Geithner told the House Ways and Means Committee Tuesday that Obama entered office facing a $1.3 trillion deficit — about 10 percent of the nation's economic output. Republicans have complained that Obama's budget proposal would balloon the deficit even higher, to $1.75 trillion.

Geithner said that additional spending is necessary because the previous administration was unwilling to make long-term investments in health care, energy and education.

[no_hypocrisy]

1. No shit.

[indepat]

2. More no shit

:P

[babylonsister]

3. Tell that to the rethugs who don't seem to grasp this fact. nt

[FrenchieCat]

4. Someone ought to ring up CNBC and the WSJ, cause this will be news to them!