BANZAI7 BEIJING--Treasury Secretary Timothy Geithner pledged to rein in the U.S. deficit as China underscored concern about preserving the value of its $801.5 billion of Treasury holdings.
The U.S. will ensure a “sustainable” deficit by 2013, Geithner said at the beginning of the first round of Strategic and Economic Dialogue talks under President Barack Obama in Washington. China is “concerned about the security of our financial assets,” Assistant Finance Minister Zhu Guangyao said.
Secretary Geithner, a devoted Arnold Schwarzenegger fan, has been studying weight lifting and California's IOU program following a very unpleasant meeting during his last China visit. Geithner: "I won't let them do that to me ever again."
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