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Treasury Dept.: U.S. Economy Faces Global Risks
U.S.
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U.S. Treasury Timothy Geithner warns that the improving American economy still faces challenges from developments in Europe and the Middle East.
In a speech in Portland, Ore., Geithner says that Europe is confronting a "severe and protracted" debt crisis that could dampen U.S. growth. He notes that world pressure on Iran to shun nuclear weapons is helping keep crude oil prices high. Oil futures rose 57 cents per gallon on the New York Mercantile Exchange on Wednesday to close at a one-week high of $104.12.
Geithner also cautions that the American economy will encounter a "fiscal cliff" at year-end, when the lack of Congressional agreement on a debt reduction plan will trigger $1.2 trillion in automatic cuts to military spending and Medicare payments. He says the risk could be averted by bipartisan legislative action to reduce the debt.
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