Geithner rejects GOP warnings of Greek-like debt crisis in U.S.

The Greek debt crisis is "not going to happen" in the U.S., Treasury Secretary Tim Geithner said Wednesday.

Geithner rejected comparisons, advanced in large part by Republicans in Congress, between the fiscal situation in the U.S. and the debt crisis in Greece that has roiled the European Union, sent Greece to the brink of default and weakened the euro.

"It's not going to happen in the United States," Geithner said during an appearance on CNBC.

The Treasury secretary said a better-than-expected economy would help strengthen government accounts and stave off any parallels to Greece.

"I think the important thing is you're seeing the United States in a much stronger recovery than people expected even three months ago," he said.

Greek found itself mired in debt after copious government spending, in part to finance social programs and pensions that allow some public employees to retire in their 50s. The nation's hosting of the Olympics in 2004 also ramped up public spending.

Republicans have warned that similar spending patterns could bankrupt the U.S.

"Unless we change course, our debt is on track to reach levels we're seeing in Greece, which is already receiving an international bailout," House Minority Leader John Boehner (R-Ohio) said last week.

Conservatives also seized over the weekend on a report from the International Monetary Fund (IMF) that shows U.S. debt possibly nearing 100 percent of gross domestic product (GDP) by 2015.

The U.S. is set to participate in a bailout of Greece and other European economies through its membership in the IMF, which has pledged billions to assist with nations' debts and stabilize the euro.

Republicans have also loudly protested such a move, introducing legislation in the House on Wednesday that seeks to prevent the U.S. from supporting a European bailout. Sen. Jim DeMint (R-S.C.) has introduced companion legislation in the Senate.

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