The Bush administration was committed to cutting huge U.S. budget and trade deficits, U.S. Treasury Secretary John Snow (search) said Monday, and there should be no delay in overhauling Social Security.

However, Snow declined to say whether Federal Reserve (search) Chairman Alan Greenspan (search) is pressing the Bush administration for swifter action to ratchet down deficits.

"I won't get into our discussions with Chairman Greenspan, that wouldn't be appropriate," Snow said. "But I will say that this administration is deeply committed to fiscal responsibility, to controlling spendilogue" started on changing the 70-year-old retirement program.

"We don't have a proposal yet," he said. "We're laying out the problem."

He said Bush, who is expected to deliver his annual State of the Union address (search) to Congress next week, will offer more detail on the issue. Democrats and advocacy groups including the influential American Association of Retired People deny there is a crisis, and note the Social Security Trust Fund is expected to meet all of its obligations for at least another 40 to 50 years.

On other matters, Snow said he remained confident the U.S. economy was poised for steady growth.

"I think the economy's basic fundamentals are really excellent -- high productivity, low inflation, low interest rates -- and all of that augurs well for continued expansion of the economy at rates well above the long-term trend line."