Has the Eye of the Economic Storm Passed?

By Courtney Ann Jackson-Talk Radio News Service

“The force of the economic storm is weakening a bit,” said U.S. Treasury Secretary Timothy Geithner yesterday. Geithner discussed proposed Fiscal Year 2010 budget for the Treasury Department and the Internal Revenue Service with members of the Senate Appropriations subcommittee.

“We’re working to repair and reform our financial system so that it works for, not against, recovery. We’re working to restore growth and meet our fiscal goals by redesigning our tax code, bolstering enforcement,” said Geithner. “We’re working to advance our interest globally, working with other countries to promote economic recovery and financial repair and to ensure more open markets for U.S. businesses.”

Geithner and the Treasury Department are seeking increases in multiple areas including an increase that will bolster the staffs of the U.S. domestic finance and tax policy offices. Other increases will contribute to community development institutions and IRS enforcement efforts. Geithner also said the increase in the budget proposal will allow the U.S. to “meet international obligations and to help us craft a global response to the crisis in this more integrated global economic system we live in today.”