U.S. criticizes U.K. proposal to tax financial transactions

Treasury Secretary Timothy Geithner voiced disapproval with a proposal from U.K. Prime Minister Gordon Brown for a tax on financial transactions. Geithner said he would not support the tax but appeared to soften his stance later, saying the International Monetary Fund would be responsible for coming up with possibilities. "We want to make sure that we don't put the taxpayer in a position of having to absorb the costs of a crisis in the future," Geithner said. "I'm sure the IMF will come up with some proposals."

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