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April 22, 2012

Captain Obvious: Geithner Says Country to Face Major Fiscal "Tests"

From the "Really?! You Don't Say!" file, Tim Geithner had an interview in front of a meeting involving 20 of the world's finance ministers in which he said we have major "budget" and "taxation" issues that we need to address.  The comments, recorded in an article by CNBC, briefly detail the challenge ahead for policymakers.

Geithner mentions that our deficit needs to get below 3% of GDP as soon as possible (currently near 10%), but did not mention a single solution in order to achieve that.  So far, we haven't heard any mention from the Obama Administration on spending controls to Medicare, Social Security, or income security.  These "autopilot" (as David Walker calls them) account for 62% of the federal budget and are growing out of control.

Perhaps Geithner is already punting to the next Treasury Secretary, who would take office in 2013 regardless of Obama's re-election status (as Geithner has indicated he is done after this year).

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