Geithner has no immediate concern for U.S. creditworthiness


After the warning bell was sounded about the U.K.'s credit worthiness Thursday, concern turned to what might happen to the United States' credit rating, which is AAA. Treasury Secretary Timothy Geithner made it clear there is no immediate concern for the U.S. during an interview with Bloomberg Television yesterday.

While it was reported on Thursday that the U.K.'s debt level was nearing 100 percent of GDP, U.S. deficit is projected to be 12.9 percent of GDP this year, significantly lower than U.K.'s position. Geithner told Bloomberg, "It's very important that this Congress and this president put in place policies that will bring those deficits down to a sustainable level over the medium term." Geithner said his target is reducing the gap to 3 percent of GDP.