Geithner to Reassure China U.S. Will Control DeficitsI don't get the feeling that these guys even know what's brought about this crisis.
By Rebecca Christie, Bloomberg.com
June 1 (Bloomberg) -- Treasury Secretary Timothy Geithner arrived in Beijing with a pledge that the Obama administration will control its borrowing as he sought to reassure China its holdings of U.S. government debt are safe.
“No one is going to be more concerned about future deficits than we are,” Geithner told reporters on the way to two days of meetings that start today in China’s capital.
For the fiscal year that ends Sept. 30, the deficit is projected to reach a record $1.75 trillion from last year’s $455 billion shortfall, according to the Congressional Budget Office. [link]
Not encouraging.
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