The whole exchange is here, but to sum it up, Treasury Secretary Geithner makes it very clear that the Obama budget plan only stabilizes the budget deficit for the next ten years (assuming everything goes according to plan, which it often doesn’t*). After that, the deficit and the debt takes off like crazy, and Secretary Geithner, in speaking to Budget Committee chairman Paul Ryan, admits that the Obama administration does not have a plan for dealing with it:
“We're not coming before you to say we have a definitive solution to our long-term problem. What we do know is we don't like yours.”
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* And it “stabilizes” the deficit at too high a level, in my opinion.
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