U.S. Treasury Secretary John Snow said on Wednesday that cutting a record budget deficit was a top priority for the second-term Bush administration and challenged Europe to play its part in helping trim the U.S. trade gap by boosting their own economic growth.
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“The current account deficit is a shared responsibility,” Snow said in prepared remarks for delivery to the Royal Institute of International Affairs, adding that Europe should introduce reforms to make itself a more attractive investment site through tax cuts and other measures, just as the United States needed to save more.
