Secretary Geithner: "Prospects Are Better" For The U.S.
US Treasury Secretary Timothy Geithner is on CNBC and he said that he disagrees with the S&P downgrade of U.S. debt, as politicians know they have to cut $4 trillion over the next 10 to 12 years.
Geithner said that the prospects are better than before, and that if you listen carefully, both sides want to get something done. Geithner said that the U.S. wants to show investors, businessmen and others that the country is not going to get behind the problem, but that it is going to get ahead of it.
Geithner said that there is broad consensus to get something done, and something will get done on a bipartisan basis.
The Treasury Secretary said that we need reforms that put deficits on downward path, and that President Obama and Congress recognize we have to do something.
Steve Liesman asked him about the Goldman Sachs report that says that that the U.S. does not fair favorably to other "AAA" rated nations, and Geithner said that he disagrees with it.
Geithner thinks we are in a stronger position to deal with our problems than other developed economies around the world.
With regards to the debt ceiling, Geithner wants to lock in deficit reduction with credit enforcement mechanism. Politicians do not have to agree on everything to raise debt ceiling, but something will get done.
Geithner said, "If you listen carefully, there's broad recognition among politicians to do things today."
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