CNBC had Treasury Secretary Henry Paulson live during Power Lunch today at 1pmET. CNBC senior economics reporter Steve Liesman conducted the interview.

Paulson said that credit markets were making progress, and that a government bailout was "absolutely not" needed. "We've seen it evolve, but again, I look at (it) and I think we're making progress as we work through this," Paulson said during the interview.