"Magical thinking" won't end U.S. deficit, Geithner warns

05/17/2011 | Bloomberg

The budget deficit puts the U.S. economic foundation in danger, and "unrealistic assumptions" are no solution, said U.S. Treasury Secretary Timothy Geithner. "Neither Congress nor the administration should be able to use unrealistic assumptions about future economic growth or future political courage, or other forms of magical thinking, to minimize the magnitude of the reforms that will be necessary," he said.

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