Treasury Secretary Timothy F. Geithner said the Obama administration’s plan for “modest reforms” in the tax code will help bring the budget deficit down to sustainable levels and make the economy more competitive.

Geithner said the deficit-reduction plan presented today by President Barack Obama, which would increase taxes by $1.5 trillion over a decade, would make the system “more fair” by raising revenue from the wealthiest Americans and by closing corporate loopholes.

Geithner spoke at the daily White House briefing.