Glenn Somerville and Walter Brandimarte
Reuters
October 21, 2009
[efoods]The United States must live within its means once its economy recovers if it is to preserve global confidence in the U.S. dollar’s status, Treasury Secretary Timothy Geithner said on Friday.
The comments came as the Obama administration reported a record U.S. budget deficit for the fiscal year ended September of $1.4 trillion. At 10 percent of gross domestic product, it was the biggest U.S. fiscal shortfall since World War Two.
Rescuing the economy and some of the country’s biggest banks from the worst recession since the Great Depression took a toll on U.S. finances, and the White House has forecast deficits of more than $1 trillion through fiscal 2011.
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