May 31, 2010
- A d v e r t i s e m e n t
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.