U.S. Treasury Secretary Timothy Geithner, as expected, backedPresident Barack Obama’s budget plan on Tuesday, saying thegovernment must resolve its debt ceiling crisis well before Aug. 2and bring its deficits down “gradually but dramatically” over thenext three to five years.

In remarks given at the Harvard Club in New York just one day after the Treasury hit its debt ceiling, Geithner(left) spoke of unsustainable future fiscal deficits caused in partby the many Americans who will turn 65 in the next decade.

The text of the Treasury secretary’s remarks, “A Conversation on the Economy and Our FiscalChallenge,” was liberally sprinkled with referencesto Obama’s budget proposal, including a framework that proposeschanges to the tax code that will reduce the deficit.

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