Geithner: World should rely less on U.S.

WASHINGTON, June 24 (UPI) -- U.S. Treasury Secretary Timothy Geithner said Thursday the U.S. economy cannot continue to drive global growth and urged countries to reduce their deficits.

The world "cannot depend as much on the (United States) as it did in the past," Geithner told the BBC Thursday.

"We all agree that we have to restore responsibility to our fiscal positions. Everyone agrees that those deficits have to come down over time to a level that's sustainable," Geithner said, adding that the United States and Europe "have much more in common than we have differences."

Geithner, speaking ahead of the G20 Summit that beings Saturday in Toronto, said members are "focused on the challenge of (building) growth and confidence" in light of austerity measures many European countries have enacted in recent weeks to deal with the debt crisis.