Geithner: EU Crisis Could Damage U.S. Growth

Treasury Secretary Timothy Geithner warned on Tuesday that Europe's debt problems along with the slowdown in other major economies present "potential impediments" to U.S. growth.

"While the economy is regaining strength, we still face significant economic challenges," Geithner said in prepared remarks to the Senate Finance Committee.

"Unemployment, at 8.3 percent, is still far too high, and the housing market remains weak," he said a day after the Obama administration unveiled a $3.8 trillion budget, which proposed aggressive spending to boost the economy and higher taxes for the rich.

Geithner said the administration plans to soon release a framework for revamping the corporate tax system to help level the playing field for all companies.