US economy still in 'difficult period': Geithner

So much for recovery summer. You know things are bad when they've become so bad that they can no longer lie about it (although they are surely underestimating how bad it really is).

AFP -

US Treasury Secretary Timothy Geithner on Tuesday said the US economy was "still going through an incredibly difficult period," as he warned the impact of the crisis would be "lasting."

"Millions of Americans are still looking for work and are suffering from the damage of a deep recession. The impact of this crisis will be lasting," he said in prepared testimony to Congress.

While heralding progress in unwinding government stimulus spending, Geithner stressed the United States was still not out of the woods.

"Government policies continue to play an important role in repairing the damage to our financial system, preserving stability and broadening the scope of the financial recovery for all Americans."

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