The secretary of the U.S. Treasury, Henry Paulson, said yesterday that the government’s main goal in addressing the mortgage crisis is to limit the broader impact on American economic growth.

During a speech to the New York Society of Security Analysts, Mr. Paulson spoke optimistically about the prospects for continued growth, saying that the problems faced by the American economy were significantly less than those faced by any other nation. He sounded notably more cautious about shorter term ramifications in the American economy.

“The housing downturn will weigh on our economy and impose a penalty on growth,” Mr. Paulson said. “We will likely have further indications of slower growth in the weeks and months ahead, but our economy remains resilient and I expect it to continue to grow.”

Answering audience questions following his prepared remarks, Mr. Paulson addressed the government’s plan to aid homeowners through refinancing adjustable-rate mortgages. He downplayed the “moral hazard” aspect of the plan, saying instead that it aimed to restore the relationship between borrower and lender that existed prior to the proliferation of mortgage-based derivatives.

“We are attempting to replicate what would happen under normal market circumstances, where a borrower would get together with a lender or investor and strike a deal,” he said.

He added that the plan wouldn’t bail out all homeowners.

Noting that other countries have undercut America in terms of taxation rates in recent years, Mr. Paulson also advocated for making tax relief permanent.