Treasury Secretary Tim Geithner said the U.S. still faces a number of economic challenges despite having “come a long way since 2008.”

Before a Baltimore audience Thursday, Geithner said that Europe’s fate, an irate Iran and a looming fiscal fight at home could derail the economy in the short run, but the country also faces long-term trials in areas like education, health care and income disparity.

But Geithner said solving those problems takes investment as well as budget cuts, rather than just the latter.

“A credible strategy for economic growth requires a willingness to do things, not just cut things,” Geithner said in prepared remarks. “We face some very tough challenges. But they are manageable challenges for the United States.”

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