Treasury Secretary Timothy Geithner testified before several key committees on Capitol Hill last week, defending President Barack Obama's proposed budget, arguing that a gradual approach to tackling debt is smarter than a sudden, sharp spending-cut strategy, in light of the wobbly economy. In prepared remarks, Geithner said - deficit reduction needs to be gradual to avoid endangering the recovery. He said it's important for the country to get its revenue-to-spending ratio in balance before anything else.
Senator Tom Coburn, R-Okla., asked Geithner if he felt "safe" about the country running trillion-dollar deficits over the next few years, Geithner said it was imperative for the country to put a plan in place as soon as possible to show the international finance community that the country is on the right track. Geithner said we will weaken, impair and impede the country if we don't lock-in some reforms now.
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