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Geithner says deficit target needs to be 'scary'

Geithner says deficit target needs to be 'scary' (by Steve Goldstein)

WASHINGTON (MarketWatch) -- A deficit target needs to be "scary" with an enforcement mechanism so that legislators are afraid to violate it, Treasury Secretary Timothy Geithner said Tuesday morning in a discussion at the Council on Foreign Relations in New York. Geithner is pushing for a deficit target of 2.5% by 2015, which Republicans oppose because that would leave tax hikes rather than than spending cuts as a mechanism for doing so.