US will not make drastic budget cuts, Geithner tells Foreign Summit, Threatens World Economy
According to the Argentia Star, Timothy Geithner, the US Treasury Secretary, appeared at the World Economic Forum in Davos to tell delegates that drastic spending cuts by the United States government was not a responsible way to bring down the country's national debt.
The United States is the latest of many developing countries to face criticism from counterparts over unsustainable deficits and growing government debt. This criticism has grown since the US Congressional Budget Office revealed a record deficit of US $1.5 trillion for 2011.
In addition, congress will need to lift the debt ceiling past US $14.39 trillion before May to avoid a fiscal crisis within the government, reported the newspaper.
Public Advocate President Eugene Delgaudio said "Members of Congress need to stop the socialist mindset of this Adminstration who ignores free market principles, a united American and international outrage that they are destroying others and dragging the whole planet down."