Geithner says U.S. priority is to revive economic growth and create jobs

WASHINGTON, November 1 (Xinhua) U.S. Treasury Secretary Timothy Geithner 1st acknowledged that the U.S. federal government has a high fiscal deficit, but said the government's top priority is to restore economic growth and create jobs.　　In an interview with NBC, Geithner said the White House is concentrating on reviving the economy, and it is not yet time to decide on how to cut the deficit, but the government will certainly not increase the tax burden on citizens with a yearly income of less than 250,000 dollars. Mr Geithner pointed out that while the economy is already recovering, the recovery will not be smooth.　　A real economic recovery cannot depend on the government, but on the re-emergence of the private sector. He also said that while 115 US banks had failed this year, overall confidence in the financial sector had increased markedly.　　There is a need to guard against excessive caution in the banking sector, which has led to insufficient credit support for economic recovery. On the economic situation in the United States, President Barack Obama said in his weekly radio address October 31 that recent economic data show that the government's stimulus program has played a role and that the US economy is recovering.　　He said the government's economic stimulus plan has saved or created more than 1 million jobs since its inception. But Mr Obama admits there is still a long way to go before America's economy returns to prosperity.　　He acknowledges that the current improvement in the economy has not led to an increase in jobs and that there is no chance of recovery if the economy does not return to growth. In September this year, the U.S. unemployment rate rose to a 26-year high of 9.8%. Economists expect the unemployment rate to reach 10% by October. According to the latest figures released by the U.S. Department of Commerce, U.S. gross domestic product grew at an annualised rate of 3.5% per cent in the third quarter, the first growth since the four consecutive quarterly decline.