WASHINGTON — Treasury Secretary Timothy Geithner acknowledges the federal budget deficit is too high, but that the priorities now are economic growth and job creation.

Asked repeatedly on NBC's "Meet the Press" whether this means taxes will rise, Geithner avoided giving specifics. He did say President Obama is committed to dealing with the deficit in a way that will not add to the tax burden of people making less than $250,000 a year.

The White House has not decided how to reduce the red ink, Geithner said in an interview broadcast yesterday. "Right now we're focused on getting growth back on track," he said.

BRITISH BANKS MUST SELL ASSETS FOR AID

LONDON — Big British banks bailed out by taxpayers in the wake of the credit crunch will have to sell off large chunks of their businesses in exchange for the billions in state aid they received during the crisis, the government said yesterday.

The assets being sold off would be reserved for new entrants to the British banking market, effectively creating three new banks over the coming years.

As many as 700 branches could be sold off, according to a government official, who spoke to The Associated Press Saturday on condition of anonymity because the moves had yet to be finalized.

MOST ECONOMISTS EXPECT RECOVERY

Nearly four of five economists surveyed by USA Today say the stock market rally since March is heralding a sustainable recovery. If they're right, the nation won't slip back into recession nor will the Dow Jones industrial average plunge anywhere near its March low of 6547.05.

The Dow sank nearly 3 percent Friday to close at 9713 after the government reported consumer spending fell 0.5 percent in September. A wide majority of the 46 economists surveyed say the rebound will be slow, or U-shaped, as the expansion decelerates.