Original Link: http://www.cbsnews.com/stories/2009/03/03/ap/politics/main4840765.shtml
President Barack Obama's Treasury secretary says the administration has inherited "the worst fiscal situation in American history."
Treasury Secretary Timothy Geithner told the House Ways and Means Committee Tuesday that Obama entered office facing a $1.3 trillion deficit _ about 10 percent of the nation's economic output. Republicans have complained that Obama's budget proposal would balloon the deficit even higher, to $1.75 trillion.
Geithner said that additional spending is necessary because the previous administration was unwilling to make long-term investments in health care, energy and education.
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