Treasury Secretary Tim Geithner told the Senate that President Obama’s budget entails an “unsustainable” course for entitlement spending and interest payments on national debt.
“You are right to emphasize — and I commend you for it — that even if Congress were to enact this budget” Geithner told Sen. Jeff Sessions, R-Ala., “we would still be left with (in the outer decades, as millions of Americans retire) what are still unsustainable commitments in Medicare and Medicaid.”
Geithner did argue that President Obama’s budget “will reduce our deficits,” even though Sessions countered by criticizing the use of “war savings, which are bogus” as a form of deficit reduction.
