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Paulson, Hobbled by Bush's Unpopularity, Scales Back Ambitions
By Rich Miller and Kevin Carmichael
May 24 (Bloomberg) -- U.S. Treasury Secretary Henry Paulson came to Washington with a Wall Street reputation for overcoming all obstacles in the way of a deal. He may have found the one hurdle he can't surmount: George W. Bush's damaged presidency.
On issues ranging from defusing trade tensions with China to overhauling Social Security, the former Goldman Sachs Group Inc. chief executive officer is playing down the notion of breakthroughs. Instead, he's talking about laying foundations for his successors.
None of the challenges ``avail themselves to a quick fix, but all of them we can make progress on,'' Paulson, 61, said in an interview in Washington yesterday after talks with Chinese officials that he conceded resulted in only ``incremental'' gains.
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