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Geithner offers China vow of greater fiscal discipline
Posted By admin On May 31, 2010 @ 9:56 am In World News | Comments Disabled
May 31, 2010
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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