Tags: Economy | Geithner | crisis | averted

Geithner Hopeful a Fiscal Crisis Can Be Averted

Tuesday, 24 Jul 2012 08:55 AM

Treasury Secretary Timothy Geithner voiced confidence the Obama administration and Congress will avert a fiscal crisis.

Geithner told "CBS This Morning" it would be "untenable" to defer critical spending and tax decisions when the economy is still struggling.

Asked what would happen if the Bush era tax cuts are allowed to expire as automatic budget cuts take effect, he replied, "It would cause a lot of damage to the economy."

Asked if that could cause another recession, Geithner said, "Many people look at this say, yes, you would get a recession out of this."

But he said he's optimistic the government won't trip over the so-called "fiscal cliff" because, "I also think you're seeing people show more realism about what is necessary" to avoid a fiscal crisis.

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