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Geithner: Deal with $1 trillion in cuts realistic

Geithner: Deal with $1 trillion in cuts realistic (by Greg Robb)

WASHINGTON (MarketWatch) - A budget deal between the White House and Congress with more than $1 trillion in cuts over the next decade is a realistic prospect, said Treasury Secretary Timothy Geithner on Wednesday. Geithner said the deal would include a mix of targets for deficits with a debt cap and an enforcement mechanism that also includes a "substantial down-payment so people can see and feel the reforms are going to happen," Geithner said during a question-and-answer session sponsored by Politico. "You are seeing a fair amount of pragmatism" on all sides, Geithner said. Geithner also said he was convinced Congress would ultimately raise the debt ceiling and said he did not think markets would pay any attention to a test vote scheduled in the House of Representatives next week on a measure to raise the debt ceiling without spending cuts.