Geithner hopeful a fiscal crisis can be averted
WASHINGTON—Treasury Secretary Timothy Geithner is voicing confidence the Obama administration and Congress will avert a fiscal crisis.
Geithner (GYT'-nur) tells "
Asked what would happen if the Bush era tax cuts are allowed to expire as automatic budget cuts take effect, he replies, "It would cause a lot of damage to the economy."
Asked if that could cause another recession, Geithner says, "Many people look at this say, yes, you would get a recession out of this."
But he says 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.