Secretary Timothy Geithner testifies on the new Budget

At a Senate Budget Committee Hearing Secretary Timothy Geithner testified about the new budget and its policies.

Geither open his testimony by stating that this debate is something that the government owes the American people. He also said that the new budget is both honest and shows transparency and in addition added that health care reform is necessary to turn around the entire economy. To invest in health care, education and energy is the path to prosperity Geithner explained.

Senator Kent Conrad (D-N.D.) discussed the importance of recognize the anger of the American people and the need to give them a fair solution to the financial crisis. Conrad also stated that this new budget has to be efficient so that the current debt does not pass on to the next generation.

Geithner also emphasized that the taxation of the small businesses will only affect 2-3% of the companies in America and this will not occur until recovery has come. He also highlighted that the new budget will seek to help small business and the average family, not to support the banks. Geithner further discussed that investing in large institutions is a must. Because when prosperity arrives they can repay the government.

He concluded that the financial situation is a global issue and does not only affect the United States. To address this issue with a global response has to be the solution.