The Hill News

Treasury Secretary Timothy Geithner backed President Obama’s new jobs act Friday, saying that the plan would “dramatically reduce the risk” of economic slow-down.

Geithner urged Congress to act quickly to pass the bill.

Obama unveiled a $447 billion jobs bill Thursday night before a joint session of Congress. The proposal includes both tax cuts and stimulus spending.

Geithner said the proposal was “absolutely” big enough to have a positive impact on the fragile U.S. economy.

“Of course, the effect it has depends on what Congress actually does,” Geithner said on Bloomberg Television. “I thought they were actually pretty encouraging last night in their initial response.”

House Majority Leader Eric Cantor (R-Va.) seemed cautiously optimistic toward specific proposals included in Obama’s plan on Friday morning, such as the trade agreements and business regulation reforms. However, Republicans have been relu! ctant to support aspects of the bill that sound like a “second stimulus.”

“The economy is still growing,” Geithner said. “With actions the president proposed last night, it will continue to grow.”