Announcements:
WASHINGTON (Reuters) - A wave of tax increases and billions of dollars in automatic spending cuts would cause "a lot of damage" to the fragile economy, Treasury Secretary Timothy Geithner said on Monday.
Tax breaks for all Americans are set to expire at the end of the year, and $100 billion in cuts to domestic and military programs are set to take effect in January if Congress does not agree on a new deficit-cutting deal.
"Geithner warned lawmakers that investors could not stomach a repeat of last year's debt ceiling battle that increased the U.S. Treasury's borrowing costs and stripped the United States of its top credit rating."
http://news.yahoo.com/washington-must-act-avoid-damaging-economy-geithner-033333573.html
