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Treasury Nominee Pledges to Push for Low Taxes & Strong US Companies

The person expected to be the next head of the U.S. Treasury Department says he will work to keep taxes low and U.S. companies competitive.

Henry Paulson made the comments on Tuesday to a Senate committee considering his nomination to be treasury secretary. He also said he will try to fix problems with U.S. retirement and medical insurance programs Social Security and Medicare.

The former head of the Goldman-Sachs investment firm must be confirmed by the full Senate before he can become Treasury Secretary.

Paulson would take over the Treasury as the United States faces a slowing economy, rising inflation, trade tensions with China, as well as large budget and trade deficits.

Some information for this report was provided by AFP, AP and Reuters.