Geithner Says Europe, Fiscal Cliff Threaten U.S. Economy

Treasury Secretary Timothy F. Geithner said the European debt crisis poses the greatest threat to the U.S. economy, while the so-called “fiscal cliff” also threatens growth.

Geithner, in testimony prepared for delivery to a U.S. House panel tomorrow, said European leaders should complement long-term economic reforms with short-term changes, such as strengthening the banking systems and bringing sovereign borrowing rates down, to restore fiscal stability.