WASHINGTON, Mar. 16 (Xinhua) -- U.S. government's top economic policy makers acknowledged Tuesday that the country's fiscal policy is unsustainable.
"We are on an unsustainable path," Treasury Secretary Timothy Geithner said in a joint statement prepared for a testimony before the Congress with Peter Orszag, White House Director of Management and Budget, and Christina Romer, Chair of the White House Council of Economic Advisers.
The officials said that 2010 is "a trying year for the Nation." The worst economic conditions now appear to be over. However, the country faces significant and ongoing challenges, including high unemployment and a medium- and long-term fiscal situation that " could ultimately undermine future job creation and economic growth. "
On the day the Obama administration took office in February 2009, the budget deficit for 2009 stood at 1.3 trillion dollars, or 9.2 percent of GDP. Over the following ten years, projected deficits totaled 8 trillion dollars.
But in reality, the fiscal year 2009 ended in September saw a deficit of record 1.42 trillion dollars. President Barack Obama projected in his report to the Congress earlier this year that fiscal year 2010 will see a 1.56 trillion federal budget deficit. And it will not fall significantly in the coming years.