Geithner's Nomination Is Unlikely to Fail

Taxes, schmaxes: Senate wants to know if he can fix economy

By Gabriel Winant, Newser User

Posted Jan 21, 2009 8:44 AM CST

(Newser) – The herculean task awaiting Timothy Geithner is so critical to the nation that a niggling detail like unpaid taxes is unlikely to derail his bid to head up the Treasury Department, writes Deborah Solomon in the Wall Street Journal. While senators will likely press Geithner about his missteps during his hearing today, most seem reluctant to hold up his confirmation while the economy tanks.

Says Sen. Olympia Snowe, a finance committee member, “It doesn't mean to say that it doesn't bother senators, but these are monumental challenges, and I don't think it would preclude his nomination.” Likewise, a Republican financial-services lobbyist says, “Republican leaders think that Mr Geithner was one of President Obama's better Cabinet selections.”

[Images (3)]

[Quotes (1)]

In this Nov. 24, 2008 file photo, Treasury Secretary-designate Timothy Geithner listens as President-elect Barack Obama speaks during a news conference in Chicago. (AP Photo/Charles Dharapak, File)

In this Nov. 24, 2008 file photo, President-elect Barack Obama, and Treasury Secretary-designate Timothy Geithner, right, leave a news conference in Chicago. (AP Photo/Pablo Martinez Monsivais, File)

From left, Federal Reserve Chairman Ben Bernanke, SEC Chairman Christopher Cox, Treasury Undersecretary Robert Steel, and Timothy Geithner, listen on Capitol Hill in Washington, April 3, 2008. (AP Photos/Susan Walsh)

« Prev« Prev | Next »Next » Slideshow

This crisis is deteriorating on a daily basis and you need to have somebody at Treasury to make the decisions necessary to try to intersect the crisis, to mute it, slow it down and get on top of it. - Sen. Judd Gregg, R-NH

« Prev« Prev | Next »Next » Slideshow

To report an error on this story, notify our editors.

More Newser Stories

Geithner Got It Right

Treasury secretary's pragmatic approach to financial crisis paid off

(NEWSER) - David Brooks leaps to the defense of Tim Geithner today, arguing that the treasury secretary's critics, who last spring were dismissing him as a hapless "Bambi in the headlights," were mostly wrong and he was mostly right. The system is now much healthier, TARP money is being repaid, and the administration's unwavering support for Geithner when he was taking flak from all sides looks impressive in retrospect, Brooks writes in the New York Times . More»

Geithner's Not Reassuring Anyone

They're not buying it, Tim

(NEWSER) - The financial world was desperate for answers yesterday, but what Timothy Geithner delivered “was a work in progress,” says the Washington Post editorial board, “more a concept than a plan, really.” It was like “Geithner at the Improv,” the Wall Street Journal agrees. Markets tanked as investors naturally assumed that “much like Hank Paulson, Mr. Geithner will be making things up as he goes along.” More»

Geithner Confirmation Expected

Committee grills Treasury nominee on taxes, but session lasts just four hours

(NEWSER) - Members of the Senate Finance Committee reprimanded Timothy Geithner today for not paying $40,000 in taxes, but appeared ready to recommend the full Senate confirm him as Treasury Secretary despite his financial infractions, Roll Call reports. “I apologize for putting you in the position where you had to look into this, especially now,” Geithner said of his tax transgressions. More»

Geithner Sorry, Blames TurboTax

Treasury nominee, at confirmation hearings, apologizes for tax missteps

(NEWSER) - Timothy Geithner apologized for failing to pay $34,000 in taxes today in his Senate confirmation hearing. “I should have been more careful,” the would-be Treasury secretary said, calling them careless, avoidable mistakes. When asked how he prepared the taxes he replied, “I will answer that, but I want to say I take full responsibility... It was TurboTax.” But senators aren’t likely to derail Geithner’s nomination over the snafu, the Wall Street Journal reports, for fear of economic backlash. More»

Geithner: Obama Won't Ask Me to Stay

Treasury secretary says he's done after election

(NEWSER) - Tim Geithner is pretty sure he's going to be joining the ranks of the jobless after the election: The Treasury secretary—the longest serving member of President Obama's economic team—tells Bloomberg that Obama is "not going to ask me to stay on, I’m pretty confident. I’m confident he’ll be president. But I’m also confident he’s going to have the privilege of having another secretary of the Treasury." The White House announced in August that Geithner would stay put through the election, amid Beltway rumblings that he would step down. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Geithner's Nomination Is Unlikely to Fail