LONDON, Nov. 17 (UPI) -- Treasury Secretary John Snow said Wednesday cutting the U.S. current account deficit will be a top priority for the Bush administration's second term.
He added, however, the United States cannot cut back the deficit alone. Rather, Snow said other countries must also step up to the plate by boosting demand within their own markets, rather than trying simply to export their way to growth.
"The current account deficit is a shared responsibility," Snow said in a speech to London's Royal Institute of International Affairs, as he pointed out the United States was a prime destination for goods from all countries worldwide. Administration officials have argued the trade imbalance has ballooned largely as a result of the United States remaining the biggest market for most nations.
But at the same time, Snow said the United States will step up efforts to reduce the deficit.
"You will see quite soon, as we get into the budget process back home, a renewed and intensified effort on this front ...w We have the growth and it is melting the deficit," Snow said.