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NEWS ABOUT: Timothy Geithner

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Obama Pushes Sweeping Corporate Tax Reform

Top rate to be cut as playing field leveled, Geithner says

(Newser) - President Obama is planning the biggest overhaul of the corporate tax code since Ronald Reagan's in 1986. The administration will soon unveil a blueprint for making the code more fair and lowering the top rate of 35%, which is among the highest in the world, Treasury Secretary Timothy Geithner... 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.... More »

2006 Transcripts Show Fed Was Clueless on Housing

Geithner, Bernanke, others missed signs of the pending collapse

(Newser) - The Fed released transcripts from meetings in 2006 today that reveal just how badly its top officials blew it on the looming housing crisis, the New York Times reports. The industry was showing signs of distress, but the Fed's attitude boiled down to, eh, no big deal. The officials... More »

New Pain for Iran: Japan Jumps Aboard Embargo

Meanwhile, the US sends two new aircraft carriers to the Arabian Sea

(Newser) - It looks like things are about to get a little bit more uncomfortable for Iran: Japan today agreed to align itself with Washington and reduce the amount of oil it imports from Iran. Japan is extremely dependent on foreign fuel, and currently gets about 10% of its oil from Iran;... More »

Geithner on BofA Fees: We Will Prevail

Treasury secretary slams new debit card charges

(Newser) - Tim Geithner joined President Obama in railing against Bank of America last night on CNN , promising that the White House will get tougher in the fight against new fees. The Obama administration is "going to push back harder,” said the Treasury secretary, who noted that the $5 monthly... More »

White House Hits Back at Confidence Men

Key figures deny harsh quotes, assertions of Obama weakness

(Newser) - The Obama administration is fighting back against allegations from Ron Suskind's coming book Confidence Men that the president's top advisers undermined his authority and ignored his orders, reports Politico . “This is not what I told the author, this is not what I believe, and anyone who knows... More »

Geithner Blew Off Obama's Order to Dissolve Citigroup

New book says Obama's team routinely undermined him

(Newser) - In March 2009, in the throes of the financial crisis, Barack Obama told Tim Geithner to focus on a proposal to dissolve Citigroup—but the Treasury Secretary ignored him and never developed a plan, according to former Wall Street Journal reporter Ron Suskind’s new book Confidence Men. In the... More »

Geithner to Europe: We're Not Lecturing

Treasury secretary in Poland to offer advice on debt crisis

(Newser) - As Europe continues to battle its debt crisis, Timothy Geithner has a suggestion. The Treasury secretary today called on euro zone officials to leverage the region’s roughly $600 billion bailout fund, an insider tells Reuters . Geithner didn’t provide details on how Europe should go about the move, nor... More »

Geithner Staying Put at Treasury

Will likely stay on through fall 2012

(Newser) - One piece of economic upheaval that won't hit the fan this weekend: A vacancy at the Treasury Department. After much gnashing of teeth, Tim Geithner has informed President Obama that he will stay on as secretary at least through next fall, reports the Wall Street Journal. Geithner had wanted... More »

White House Twisting Geithner's Arm to Stay

He's likely to remain at post, but no decision yet: 'NYT'

(Newser) - Despite his protestations to the contrary , administration officials say Timothy Geithner has been considering resigning from his post since early this year—but now it appears the Treasury secretary will likely stay on through the rest of President Obama's term, thanks to pressure from the White House. Geithner and... More »

Congress Has Blown By 6 Debt Limit Deadlines So Far

But today's the absolute last one—right?

(Newser) - Today is, supposedly, the absolute last day for debt limit legislation to be introduced in the House if the US wants to avoid defaulting on Aug. 2. As we wait to see if lawmakers make the deadline, Uri Friedman, writing in in the Atlantic Wire, looks at all the deadlines... More »

Geithner: Obama Wants 'Biggest Deal Possible'

Says president 'is willing to do very, very difficult political things'

(Newser) - Treasury Secretary Tim Geithner fired back at John Boehner and Mitch McConnell this morning, telling Meet the Press that “We’re going to try to get the biggest deal possible, the deal that’s best for the economy. Not just in the short term.” Further, he said, smaller... More »

Geithner: I'm Not Leaving

'I live for this work,' says Geithner

(Newser) - Timothy Geithner is denying reports that he is poised to leave the Treasury , reports the Daily Beast . Yesterday, rumors swirled that Geithner was ready to leave the Obama administration, partly for personal reasons and partly because of his ties to the much-hated big banks. But not so, said the Treasury... More »

Geithner Considering Leaving Post at Treasury

He may go after deal on debt ceiling, say reports

(Newser) - No more Tim Geithner at Treasury? Bloomberg and the Washington Post say he might resign once a deal on the debt ceiling is in place. Both reports are carefully couched with phrases such as "has signaled" and "is considering" and are based on anonymous sources. The Post adds... More »

Lagarde Named Head of IMF

Move comes after the US endorsed her

(Newser) - Christine Lagarde has officially been named to replace Dominique Strauss-Kahn to head the IMF, reports the Washington Post . Lagarde's victory became all but guaranteed after the US endorsed her this morning, giving her the explicit support of more than half the votes on the institution's board, the Wall ... More »

As US Hits Debt Limit, Treasury Taps Fed Pensions

Move staves off default until Aug. 2

(Newser) - Washington hit the debt ceiling today, barring the Treasury Department from borrowing from the public, so it will begin borrowing from federal workers’ pensions to keep the government afloat. Treasury is legally bound to reimburse the pensions, so retirees won't be affected, notes the Washington Post , but if the... More »

Both Parties Look to Cut Corporate Tax

Lobbyists eager for next big legislative push

(Newser) - The Obama administration is planning to propose a new set of cuts in the corporate tax rate, hoping to strike a vein of bipartisan cooperation. “This would send a reassuring signal to the economy, and is something both parties should support in theory,” a senior administration official tells... More »

Geithner Taking 'Emergency' Debt Ceiling Measures

But gov't can now stay afloat til Aug. 2

(Newser) - Tim Geithner is about to enact some “extraordinary measures” in anticipation of Congress’ failure to boost the debt ceiling by May 16, he wrote in a pointed open letter to John Boehner yesterday. These measures, coupled with “stronger than expected tax receipts” will allow him to stay afloat... More »

Treasury Preparing to Hit Debt Limit

Government might stop paying troops, Social Security recipients

(Newser) - The Obama administration is loudly warning that failure to raise the debt ceiling would be an economic catastrophe —but it’s also quietly bracing itself for that possibility, scrounging under the proverbial couch cushions for cash. Timothy Geithner has already drained a $200 billion special account at the Federal... More »

Geithner: Congress Will Raise Debt Ceiling

And 'Gang of 6' close to a deal

(Newser) - Congress is "absolutely" going to raise the debt ceiling, says Tim Geithner, because to do otherwise would be "catastrophic" and "the responsible people understand." "We’d tip the US economy and the world economy back into recession, depression," he said. "It would... More »

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