US Treasury Secretary Defends Debt Deal

　　U.S. Treasury¹ Secretary Timothy Geithner is defending the compromise deal to cut spending and raise the country's borrowing limit, saying it gives government officials a chance to fix a broken system.

　　Writing in Wednesday's Washington Post, Geithner says the last-minute debt deal signed Tuesday takes away the threat of a default, which could cause interest rates to rise and force consumers to pay more for credit cards and other needed loans.

　　He says the deal will allow the government to make investments in education, technology and infrastructure² that could help the economy grow.

　　The agreement also has some prominent critics.

　　The chief executive of one of the world's biggest investment firms said Wednesday the deal "darkens an already fragile outlook" for the U.S. economy.  Writing in the Financial Times, Pimco's Mohamed El-Erian warns the deal does little to reduce the country's actual deficits⁴ and postpones⁵ decisions on key issues.

　　The major credit rating agencies are also being cautious.

　　Moody's Investor⁶ Services said late Tuesday it will maintain the United States government's top AAA rating, but warns the outlook for the country is negative.  Fitch Ratings said the risk of the U.S. defaulting on its debts remains⁷ extremely low but added it wants to see a credible⁸ plan to further reduce the U.S. budget deficit³.

　　The debt deal signed Tuesday by President Barack Obama allows the government to continue borrowing money through 2012 in exchange for spending cuts of almost $1 trillion over the next 10 years.

　　The package would also create a bipartisan budget committee that will seek up to another $1.5 trillion in deficit reduction. If the panel fails to reach an agreement, then the deal would trigger drastic spending cuts.

　　Obama says everything will be on the table for the commission, including social safety net programs such as Social Security and Medicare, which some Democrats⁹ say are untouchable.  He also warns that there can be no more debt reduction without eliminating tax breaks for corporations and the wealthy -- something many Republicans oppose.

1 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

2 infrastructure   

n.下部构造，下部组织，基础结构，基础设施

参考例句：

• We should step up the development of infrastructure for research.加强科学基础设施建设。
• We should strengthen cultural infrastructure and boost various types of popular culture.加强文化基础设施建设，发展各类群众文化。

3 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。

4 deficits   

n.不足额( deficit的名词复数 )；赤字；亏空；亏损

参考例句：

• The Ministry of Finance consistently overestimated its budget deficits. 财政部一贯高估预算赤字。 来自《简明英汉词典》
• Many of the world's farmers are also incurring economic deficits. 世界上许多农民还在遭受经济上的亏损。 来自辞典例句

5 postpones   

v.延期，推迟( postpone的第三人称单数 )

参考例句：

• So it at least postpones the amount of taxes on due. 因此它至少推延了税金的交纳。 来自互联网
• Even if it does, this just postpones the day of reckoning. 但即便如此，也只是推迟了不得不解决根本问题的日子而已。 来自互联网

6 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

7 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

8 credible   

adj.可信任的，可靠的

参考例句：

• The news report is hardly credible.这则新闻报道令人难以置信。
• Is there a credible alternative to the nuclear deterrent?是否有可以取代核威慑力量的可靠办法？

9 democrats   

n.民主主义者，民主人士( democrat的名词复数 )

参考例句：

• The Democrats held a pep rally on Capitol Hill yesterday. 民主党昨天在国会山召开了竞选誓师大会。
• The democrats organize a filibuster in the senate. 民主党党员组织了阻挠议事。 来自《简明英汉词典》