Tim Geithner: “I hope you can provide us with some assurances today that the billions of dollars that taxpayers are being asked to…”

It's critically important. I'll give you an example of how to--if the Congress extends those tax cuts that go to 2 percent of the most fortunate Americans in the country, we have to go borrow $1 trillion over 10 years.

What the President proposed in his budget is a series of detailed changes to our resources and our commitments that would reduce our deficits from 10 percent of GDP to around 3 percent of GDP, which is primary balance.

The administration and Congress have a responsibility to look forward, reconsider the role government has played in the past.

It would be better for the country for Congress to provide some certainty about how we are going to address these long-term fiscal problems.