- The Washington Times - Wednesday, May 20, 2009

DEVELOPING:

Treasury Secretary Timothy F. Geithner told Congress on Wednesday the economy is “beginning to heal” but the Obama administration is not yet prepared to talk about an exit strategy for propping up banks and other key industries.

“We’re not quite there yet,” Mr. Geithner told the Senate Banking Committee. “The biggest issue is still how we’re going to lay the foundation for unwinding. A [financial] crisis does not burn itself out. It needs to be fixed by the government.”

Mr. Geithner returned to Capitol Hill to update lawmakers about President Obama’s efforts to pull the U.S. economy out of a recession.

The president has loaned billions to the banking, insurance and housing industries to help them recover from the recession that began in December 2007 and has since resulted in a huge amount of bad debt and a freeze on lending.



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