"Europe is burning," stated Treasury Secretary Timothy Geithner earlier today with CNBC's Larry Kudlow at the CNBC/Institutional Investor "Delivering Alpha" conference in a steamy New York City.
While the Treasury Secretary isn't expected to stay on board for a second Obama presidency if he's re-elected, Geithner stayed on message with the Administration's economic plan — boost growth by raising taxes on the wealthy in order to pay for government spending programs. He pressed the point, which hits at the heart of the only debate that seems to matter in American politics today. Republicans fiercely oppose any tax hikes during a time of weak economic growth; a subject Geithner did not shy away from, and the subject of conversation in Breakout's attached video clip.
Geithner highlights three reasons the economy is "definitely slower" than we'd all like it to be.
"It's slower mostly because of the trauma from Europe, the after effects of the rise in oil prices earlier this year, and because government spending is actually falling now quite significantly. Those three things are a pretty significant drag on a recovery."
The European crisis, energy prices, and slowing government spending are weakening the economy. Do you agree with the Treasury Secretary? Let us know on our Facebook page. And please answer our poll question below: Do you support President Obama's push to extend tax breaks on Americans earning less than $250K a year?