Geithner Admits: Obligations in President’s Budget “Unsustainable”

Treasury Secretary Timothy Geithner today admitted under questioning from Sen. Sessions that the president's own budget, submitted Monday, calls for interest payments and obligations that are "excessively high" and "unsustainable." The president's plan accumulates $13 trillion in new gross debt, with interest payments on the debt rising to $844 billion a year by 2021. Additionally, the president's budget ignores the recommendations of his own fiscal commission, causing the Democrat Co-Chair of the Commission, Erskin Bowles, to remark that the budget "goes nowhere near where they will have to go to resolve our fiscal nightmare." Under President Obama's budget, total federal spending will increase another 65% by the end of the decade. In fact, accumulated deficits under the president's budget are greater than those in the Congressional Budget Office baseline, which assumes we essentially do nothing. Chart: goo.gl

An Act To create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions … availability of credit for small businesses.

Product DescriptionThe BiblioGov Project is an effort to expand awareness of the public documents and records of the U.S. Government via print publications. In broadening the public understanding of government and its work, an enlightened democracy can grow and prosper. Ranging from historic Congressional Bills to the most recent Budget of the United States Government, the BiblioGov Project spans a wealth of government information. These works are now made available through an environmentally friendly, print-on-demand basis, using only what is necessary to meet the required demands of an interested public. We invite you to learn of the records of the U.S. Government, heightening the knowledge and debate that can lead from such publications.An Act To create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions ... availability of credit for small businesses.

Andrew Boyd of US Uncut: It’s a Hoax: GE Does Not Plan To Return $3.2B Tax Refund to US Treasury

The Associated Press reported on Wednesday that "General Electric announced it will repay its entire $3.2 billion tax refund to the US Treasury on April 18." The company's tax record has been in the spotlight since The New York Times reported it paid no federal incomes taxes last year despite earning $14.2 billion in worldwide profits. It turns out AP's story was based on a press release that was actually written by members of the group US Uncut, a new organization that describes itself as a "grassroots movement taking direct action against corporate tax cheats." For more on this prank, Democracy Now! speaks with Andrew Boyd, a member of US Uncut. For thevideo/audio podcast, transcript, to sign up for the daily news digest, and for additional reports on the federal budget visit, www.democracynow.org FOLLOW US: Facebook: www.facebook.com Twitter: @democracynow Please consider supporting independent media by making a donation to Democracy Now! today, visit www.democracynow.org