Geithner offers China vow of greater fiscal discipline

Reuters
May 31, 2010

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Treasury Secretary Timothy Geithner told future Chinese leaders that the Obama Administration will cut its budget deficit once it is sure the economy is safely growing.

In a speech to about 30 middle-aged cadres at the Central Party School, Geithner said Washington is aiming to steadily lower its deficit as a percentage of national output.

“The basic strategy is to make sure that our economy is growing, then institute long-term reforms, and restore the basic discipline to the budget process that we abandoned in the previous decade,” Geithner said.

China, which holds some $895 billion of U.S. treasury debt, has previously expressed concern over the size of U.S. deficits and the safety of Chinese investments.

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