Geithner acknowledges U.S. fault in crisis

U.S. Treasury Secretary Timothy Geithner said on Wednesday that the United States bears a substantial share of the blame for the current economic crisis but the world must work together to ease the strains.

"The rest of the world needs the U.S. economy and financial system to recover in order for it to revive," Geithner told the Economic Club of Washington. "Just as importantly, we need the rest of the world to recover if we are to prosper again here at home."

But a balanced recovery will mean that other countries cannot be "dependent on the U.S. consumer."

He noted the International Monetary Fund, which will hold its semi-annual meetings here later this week, now foresees global growth shrinking 1.3 percent this year.

"The lost output could be as high as three to four trillion dollars this year alone," Geithner said.