U.S. is 'way ahead' of the rest of the world in repairing damage from global financial crisis, says Treasury Secretary Timothy Geithner

Mathew Kearney

CHICAGO , July 1, 2011 (Associated Press) – Treasury Secretary Timothy Geithner said Thursday that America is "way ahead" of the rest of the world in repairing the damage from the global financial crisis.

Geithner told former President Bill Clinton at a jobs summit Thursday that there are signs of strength in the economy, including more capital in banks and even more loans for small businesses.

He said he wouldn't want to trade America's problems for any other country's problems. And he says the economy's recovery is slow but necessary.

Clinton and Geithner held a discussion at the Clinton Global Initiative conference in Chicago.

Geithner also said not raising the debt limit would be "unthinkably damaging to the economy."

He said it would cost more to borrow, more jobs would be lost and more businesses would fail.

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