Discussing President Barack Obama's proposed budget before the Senate Finance Committee on Tuesday, Treasury Secretary Timothy Geithner sought to defend the high level of spending by suggesting that immediate budget cuts would damage the fragile economic recovery and make fiscal challenges tougher than they already are.

"The U.S. economy is still in the midst of one of the most challenging periods in our nation's history," Geithner said. "The overall economy grew at an annual rate of 4 percent over the last six months of 2009, but millions of Americans remain out of work and the economic pain of the recession can still be felt throughout our nation."