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US recovery measures 'working'

US treasury secretary Timothy Geithner has said financial reforms and other measures in response to the global crisis are yielding results, helping the American economy to grow at a pace better than there was reason to expect.

Speaking at a financial conference in Tokyo, Japan, Mr Geithner said the administration of President Barack Obama would strive to resolve by the end of the year the impasse with Congress that threatens to impose a so-called "fiscal cliff" of tax increases and deep spending cuts if the two sides do not reach agreement.

Mr Geithner said the US had been relatively successful in managing to clean up the mess left by the 2008 financial crisis while not starving the economy of credit.

Growth has dragged, though, due to the European crisis and severe drought across the US.


From Belfast Telegraph