Geithner Urges Action on Economy - WSJ.com

Geithner Urges Action on Economy - WSJ.com:

"He said the U.S. can no longer rely on consumer spending, which has long powered the economy, to be the growth engine that leads the recovery this time around and said Washington needed to plant the seeds for business investment and exports.

'We can't go back to a situation where we're depending on a near short-term boost in consumption to carry us forward,' he said.

Last week, Mr. Obama rolled out a package of proposals aimed at spurring business investment and job creation, including making a research tax credit permanent, allowing companies to temporarily expense 100% of capital investments and funding $50 billion in new infrastructure projects. The administration says the proposals would be paid for by ending other corporate tax breaks and closing loopholes.