More stimulus needed for economy: Geithner

Treasury Secretary Timothy Geithner said on Wednesday the United States needed more incentives to stimulate job growth and bolster a slow recovery from a “savage” recession.

In televised interviews to argue for President Barack Obama’s latest proposals for business investment tax breaks and infrastructure investment, Geithner said the plan was important to repair the damage caused by the financial crisis and should win broad support among Democrats, Republicans and businesses.

“We are still living with the scars and the damage of that basic crisis,” Geithner told. “And recoveries that follow financial crises by definition are always going to be harder, face greater headwinds, take longer. It’s going to take us a while to dig out of this.”

Geithner told that Republican proposals to extend Bush-era tax cuts for wealthy were “irresponsible” because they would require the federal government to “borrow $700 billion from our children.”