Treasury Secretary Timothy Geithner (GYT'-nur) says President Barack Obama is taking steps to reduce the nation's red ink.

Geithner tells NBC's "Meet the Press" that the president will extend middle-class tax cuts, but will not renew tax cuts that President George W. Bush put in place for the wealthiest Americans. The treasury secretary says that will provide about a trillion dollars in deficit reduction over the next 10 years.

He also says Obama has proposed a number of other measures to help close tax loopholes, such as overhauling the tax treatment of international companies and imposing fees on banks to cover bailout costs.