WASHINGTON, June 22 (Xinhua) -- Treasury Secretary Timothy Geithner said on Tuesday the U.S. government has helped stabilize the financial system and restore economic growth.
"Many of these actions (taken by the government) were unpopular," said Geithner, referring to the 700-billion-dollar Troubled Asset Relief Program (TARP).
"However, they were essential. And they have put our economy in a much stronger position to confront the challenges that lie ahead," Geithner said in prepared testimony to Congress.
Authority to make new commitments through TARP will expire in October, and Geithner said the Obama administration will be well on the way to winding down the program.
"We will continue to manage remaining investments in a way that protects taxpayers and supports our financial and economic recovery," said the Treasury chief.
Meanwhile, Geithner warned the U.S. economy has not been out of the woods.
"Our economy is still going through an incredibly difficult period. Millions of Americans are still looking for work and are suffering from the damage of a deep recession," he said. "The impact of this crisis will be lasting."