Geithner urges action on European debt plan

Geithner applauded the U.K.'s plan to address its budget deficit by cutting spending — the proposal includes $8.9 billion in cuts — saying the new coalition government has laid out a "compelling fiscal plan." The plan strikes a balance "between tackling the deficit and encouraging growth," he said. 

Geithner also met with European Central Bank and supervisory officials this morning and is headed to Frankfurt for a working dinner with Jean-Claude Trichet, head of the European Central Bank. He completes his trip with a Thursday meeting with German Finance Minister Wolfgang Schaeuble in Berlin.