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(CNSNews.com) – Treasury Secretary Timothy Geithner said that the U.S. government’s long-term fiscal commitments are “unsustainable,” but that they should not be the country’s top priority, because the government still needs to “do things.”
“Our fiscal commitments are unsustainable over the long run, but we cannot put our long-run fiscal challenges above all others,” Geithner told the Economic Club of Chicago on Wednesday. “We have to be willing to do things, not just cut things.”
Yes Yes, we all know that already ! ... BTW, What IS Obama's "plan" anyway ?
“The president has a different strategy for economic growth. He believes that while our long-term fiscal problems are formidable, we can address them over time with a balanced package of reforms that preserve room for investments that will help us grow,” he said.
But WHAT exactly IS Obama's plan again ?
However, President Obama has produced no such plan, and his most recent budget does not include anything similar to what Geithner described. In fact, Geithner himself has admitted that the administration does not have a definitive plan, telling Congress in February that the administration had no “definitive solution” to the nation’s long-term debt crisis.
“We’re not coming before you to say we have a definitive solution to our long-term problem,” Geithner told House Budget Committee Chairman Paul Ryan (R-Wis.). “What we do know is we don't like yours.”
Originally posted by Saucerwench
I just posted elsewhere, that yet another banker is resigning. Bad omen!
Half a decade into the deepest U.S. housing crisis since the 1930s, many Americans are hoping the crisis is finally nearing its end. House sales are picking up across most of the country, the plunge in prices is slowing and attempts by lenders to claim back properties from struggling borrowers dropped by more than a third in 2011, hitting a four-year low.
But a painful part two of the slump looks set to unfold: Many more U.S. homeowners face the prospect of losing their homes this year as banks pick up the pace of foreclosures.