Treasury Secretary Geithner gave an overview of President Obama’s budget proposals for fiscal year 2010. In his remarks he said the Obama administration would work with Congress to determine the size and shape of future economic rescue efforts and described a $250 billion “placeholder” provision which would allow the Treasury to purchase $750 billion in financial sector assets. He also responded to questions about an agreement to aid American International Group (AIG) with up to another $30 billion in taxpayer funds, saying that allowing the company to default on its obligations would cause “catastrophic damage to the American people.”