U.S. Treasury Secretary Timothy Geithner on Tuesday warned against extending all the U.S. tax breaks to give Washington more time to broker a deficit reduction deal, saying it would create more uncertainty in the markets.
"It will leave a different source of uncertainty, which is what's going to give people the incentive to come back and do something tough," said Geithner at an event sponsored by The Wall Street Journal, in his first public comments on the looming fiscal crisis since U.S. President Barack Obama won re-election last week.
Seven weeks are left for the Obama administration and Congress to deal with the $600 billion worth of tax hikes and spending cuts that will kick in next year and may trigger a recession if Washington does nothing.
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