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US economy getting stronger: Geithner

May 16, 2012 13:54 IST

The American economy is gradually getting stronger and it can be seen across the country, although the situation still remains dangerous and uncertain worldwide, US Treasury Secretary Timothy Geithner has said.

"We still live in a dangerous, uncertain world. It's good to remind people of that. But the American economy is gradually getting stronger. You are seeing more strength across the American economy," Geithner said in his remarks yesterday at the Peter G Peterson Institute - a Washington- based economic thank-tank.

He said US companies are rebuilding their capital stock as well as the workforce and hiring people back to work.

Besides, Geithner added, "Americans are bringing down their debt burdens where the financial sector is bringing down leverage quite significantly and you're seeing the modest initial steps at state and local level, not just the federal level, to try to restore fiscal balance."

He said, "...we...need to grow our way out of, adjust out of and dig our way out of the mess that caused the crisis. And I think growth now looks more broad-based and resilient in the United States."

Responding to a question, Geithner said that growth andresilience can be seen in the confidence measures being taken.

"But obviously it is still a challenging and uncertain world. It's another reason to just keep focusing on the reality. There's things we need Congress to do now to try to make the economy stronger in the short run," he said, adding that the US President has laid out an agenda for Congress in that area.]

"We would be in a better position to manage the pressures we see from outside the United States if Congress was able and willing to make some more progress on these near-term growth challenges," he said.
Lalit K Jha in Washington
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