A nasty $700 billion fiscal mistake by Bush Administration responsible for huge budget deficit : Treasury Secretary Timothy Geithner
Gautam Zaveri
Aug. 5, 2010

The US budget gap, which hit a record $1.41 trillion in fiscal 2009 and is poised to grow wider this year, has unnerved many Americans.

The Bush administration's "misguided" policies are to blame for huge US budget deficits, Treasury Secretary Timothy Geithner charged on Wednesday.

"Borrowing to finance tax cuts for the top 2 per cent would be a $700 billion fiscal mistake," Geithner said. "It's not the prescription the economy needs now, and the country can''t afford it."

With the economic recovery showing signs of slowing and unemployment at a lofty 9.5 per cent, President Barack Obama's popularity has taken a heavy hit and Democrats on Capitol Hill are at risk of losing their majorities in the Senate and the House of Representatives.

"We look forward to the debate about raising taxes in the middle of a recession," Senate Republican leader Mitch McConnell said on Tuesday.

"We are living today with the damage that misguided policy caused," US Treasury Secretary said, adding that the country needed to choose a new course. "Rather than recreating a false prosperity fueled by debt and passing the bills on to the next generation, we need to restore America to a pro-growth tax and fiscal policy."

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