The Meltdown

More Doomsaying from Geithner

This isn’t exactly what you want to hear from your Treasury Secretary: According to Timothy Geithner, President Obama has inherited "the worst fiscal situation in American history." In testimony before the House Ways and Means Committee, Geither stressed the importance of reducing federal deficits but only after "the recovery is firmly established and financial stability has returned." After ringing up a $1.75 trillion deficit in 2010, the Obama administration plans to bring it down to $533 billion by 2013.