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Friday, December 4, 2009

Geithner says need to cut budget deficit | Reuters

From Reuters:

"Treasury Secretary Timothy Geithner on Thursday said it was vital to get U.S. budget deficits down in order to spur private-sector growth that creates jobs and predicted it will begin happening in 2011....But first the financial system must be stabilized....'You cannot address those long-term deficits, you cannot put the government of the United States in a position that we can go back to living within our means unless you repair the damage done to this economy and to its revenue base,' he said on CNBC television....The budget deficit hit a record $1.4 trillion in fiscal 2009 that ended September 30 and is forecast to be in the same range next year, fostering doubt in global markets about the dollar's value because of huge U.S. borrowing needs....Geithner said it was 'important' for the United States to maintain a strong dollar and said he takes seriously its key position as a global reserve currency. He said the United States needs to persuade the world it will be more fiscally responsible in future....'If we can be credible and make sure the American people understand and the world understands that we're going to bring down these deficits once growth is established, we will have more ability now to do what we need to do to get jobs created, get investment going now,' he said"

Read Here: Geithner says need to cut budget deficit | Reuters:

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