Geithner Defends Budget Before Senate

Law360, New York (March 2, 2009, 12:00 AM EST) -- Treasury Secretary Timothy Geithner defended President Obama's new budget to the Senate Finance Committee in a hearing on Wednesday, saying that the new budget will bring fiscal stability to the U.S. while boosting investment in education, health care and energy reform.

Geithner began by outlining the dire state of the financial and housing market and noting that the new administration has inherited a budget deficit of about $1.3 trillion, or about 10 percent of the nation's gross domestic product.

He said that the administration's budget reflects...
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