Financial crises require governments.

The rest of the world needs the U.S. economy and financial system to recover in order for it to revive. We remain at the center of global economic activity with financial and trade ties to every region of the globe.

The government can help, but we need to make this transition now to a recovery led by private investment.

The world is likely to view any temporary extension of the income tax cuts for the top two percent as a prelude to a long-term or permanent extension, and that would hurt economic recovery as well by undermining confidence that we're prepared to make a commitment today to bring down our future deficits.

Financial crises require governments.

The choice is between which mistake is easier to correct: underdoing it or overdoing it.

Monetary policy itself cannot sensibly be directed at reducing imbalances.