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Geithner says US concerned about the deficits

(Agencies)
Updated: 2009-06-02 15:29

As far as spending large amounts of money to support Chrysler LLC and General Motors Corp. as they go through bankruptcy filings, Geithner said the administration was optimistic that government support would only be temporary. "We want to have a quick, clean exit," he said.

GM filed for Chapter 11 bankruptcy on Monday as part of an administration plan to shrink the automaker to a sustainable size with support from an additional $30 billion from the government's bailout fund.

Geithner also stressed to the students that the Obama administration would soon unveil a comprehensive overhaul of financial system regulations designed to fix the flaws exposed by the current crisis, the worst to hit the US economy since the Great Depression.

US Treasury Secretary Timothy Geithner (L) is shown the way by Vice Premier Wang Qishan upon his arrival for a meeting at the Great Hall of the People in Beijing June 1, 2009. [Agencies]

He said the changes would make federal regulations "smarter and more effective" by strengthening oversight of hedge funds and derivatives, consolidating and streamlining banking regulation and providing the government with the necessary tools to shut down large financial institutions that are posing a risk to the entire system.

"We have a lot to do, but we are going to fix this," he pledged.

Special coverage:  US Officials and China Connections Related readings: Purchases of US bonds may go on Geithner sells a devalued dollar Geithner: dollar assets are safe Geithner pledged deficits cutGeithner visit may focus on joint effort to beat recession Geithner aims for positive China tour

Later, Geithner and other Treasury officials met at the Great Hall of the People with a team of Chinese economic officials led by Vice Premier Wang Qishan for discussions about the upcoming high-level talks in Washington this summer between the two nations.

At the start of the session, Geithner said, "The world has a huge stake in our two countries working closely together to lay a foundation for recovery."

Wang called the upcoming talks, which will replace the Strategic Economic Dialogue begun in the Bush administration, an "important initiative in growing the China-US relationship."

Geithner will wrap up his visit with meetings with Hu and Wen.

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