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USA News

US Senate backs Paulson's nomination



Washington, June 29 (DPA) Investment banker Henry Paulson won confirmation in the US Senate to become US President George W. Bush's third treasury secretary, news reports said.

Paulson, 60, will leave his job as chief executive officer of Goldman Sachs Group Inc. and succeed John Snow. Paulson's nomination was backed Wednesday by both Republicans and Democrats in the Senate in becoming Treasury Secretary.

Paulson earned $35 million in salary from Goldman Sachs last year. He has been chairman and chief executive of Goldman Sachs since May 1999, but will give up his job and sell all his shares.

During confirmation hearings before the Senate Finance Committee, Paulson said the US should reduce its giant $742 billion budget deficit, but ruled out increasing taxes to do so.

Paulson was praised for his experience in international finance and relationships with Chinese business leaders and government officials.

'I look forward to working with other major economies to implement policies that will lead to faster, more balanced growth abroad, which will help address these imbalances,' he said in a written response to questions posed by the Senate Finance Committee, according to Bloomberg financial news service.



© 2006 DPA

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