Geithner Says ‘Broken’ Tax System Is Cause of Deficit Woes

Treasury Secretary Timothy F. Geithner said the U.S. needs to overhaul its tax code in order to rein in the national debt and preserve economic growth.

“Americans have to understand that deficits matter, that deficits are not just the result of spending choices, but also of an unfair and broken tax system,” Geithner said in a speech in Detroit today.