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U.S. Treasury Secretary Timothy Geithner, as expected, backed President Barack Obama’s budget plan on Tuesday, saying the government must resolve its debt ceiling crisis well before Aug. 2 and bring its deficits down “gradually but dramatically” over the next 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 part by the many Americans who will turn 65 in the next decade.

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