Balanced mix of reforms needed: Geithner
NEW YORK (Reuters) - The uncertainty surrounding the tax raises and spending cuts set to go into effect next year poses a significant risk, Treasury Secretary Timothy Geithner said on Wednesday.
A balanced mix of reforms is needed for the United States to dig out of a "fiscal hole", Geithner said during an interview with CNBC at the CNBC Institutional Investor Delivering Alpha conference.
The U.S. economy is facing $4 trillion worth of expiring tax cuts and automatic government spending reductions, dubbed the "fiscal cliff", and most analysts do not expect Congress to act to soften the blow until after the congressional and presidential elections in November.
- U.S. forces carry out operation against al-Shabaab in Somalia
- Ukraine accuses Russia of 'undisguised aggression' as rebels advance |
- Marilyn Monroe sex film to be kept private |
- Actress Jennifer Lawrence contacts authorities after nude photos hacked
- Fast-food workers to launch intensified protests across U.S.