Global Economic Crisis Costing Trillions

Treasury Secretary Timothy Geithner says the United States bears a substantial share of responsibility for the global economic crisis that could cost the world up to $4-trillion in lost output this year alone.

Geithner said that while the crisis started in the U.S., its damage has spread widely with serious challenges facing much of the globe.

In a speech to a Washington audience, Geithner laid out the elements of a recovery plan that the U.S. will be pushing at finance meetings scheduled to begin Friday.

New numbers show the worlds economy is likely to shrink this year for the first time in six decades.

The International Monetary Fund projects global economic output will fall one percent this year.

Some private economists say that could leave at least $10-million more people around the world jobless.

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