Geithner Pledges Smaller Deficit as China Talks Start
By Rebecca Christie and Rob Delaney
July 27 (Bloomberg) -- Treasury Secretary Timothy Geithner pledged the U.S. will shrink its budget deficit over the next four years and boost national savings, and he called on China to maintain efforts to ease the impact of the global recession.
“We are committed to taking measures to maintaining greater personal saving and to reducing the federal deficit to a sustainable level by 2013,” Geithner said in opening remarks for Strategic and Economic Dialogue meetings with Chinese officials in Washington.
Geithner’s comments reinforced his efforts to reassure China, the largest foreign holder of American government debt, that this year’s record U.S. budget gap won’t pose a long-term danger. The shortfall is on course to reach $1.8 trillion in the year through September.
Geithner and Secretary of State Hillary Clinton are hosting Vice Premier Wang Qishan and Dai Bingguo, a state councilor, at the meetings today and tomorrow, the first such gathering since President Barack Obama took office.
I suppose having to finance $235 billion in one week is pointing to lower deficits ahead? Heck, it won’t be long before just the interest on all the borrowed money becomes one of the largest expenses within the budget. Better get busy printing, devaluing our dollar, and robbing the people of America blind while you artificially hold interest rates low and further rob those who attempt to save, Timothy.
Three Dog Night – Liar: