BUSINESS

Geithner's CNBC Interview: Denies Plan Is A "Disguised Subsidy"

03/13/2009 05:12 am ET | Updated May 25, 2011

Following his speech on the Obama administration's plan to alleviate the economic crisis, Treasury of Secretary Timothy Geithner discussed the financial meltdown with NBC's Brian Williams and CNBC's Steve Liesman.

So far, the comprehensive financial sector rescue package is estimated to cost up to $2 trillion.

The market has not reacted well to the plan. When Geithner started talking, the Dow was down 190 points. By the time he finished, it was down 275 points.

In the interview, Geithner emphasized that although drastic measures are being taken to recover from the current economic crisis, it's important "to be honest about how hard this is going to be."

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Geithner tells Williams and Liesman that public funds to support a "significantly restructured" auto industry will be considered.

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Geithner believes that next time this year, the banking situation will have improved.

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