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NEWS ABOUT: Timothy Geithner

Shutdown Averted, Higher Stakes Loom

Battles brewing over debt ceiling, 2012 budget will be even bigger

(Newser) - If you think the narrowly averted government shutdown over a few billion dollars was bad, wait until you see the multi-trillion-dollar brawls coming in the next few weeks, reports the Wall Street Journal . First up, the government is about to hit its legally imposed $14.294 trillion debt ceiling by... More »

GOP: OK, We Do Have to Raise the Debt Ceiling

Tim Geithner warns of catastrophe if Republicans cause default

(Newser) - Tim Geithner sent a letter to Congress yesterday warning of the dire consequences the country will face if Republicans don’t raise the debt ceiling before the US hits it—and newly minted Budget Committee Chairman Paul Ryan conceded that he was right. “Will the debt ceiling have to... More »

Dear Uncle Sam: Thanks

Only you could have saved us from financial meltdown: Warren Buffett

(Newser) - Sure, it's all the rage to curse big government, government spending, government in general, but there's one guy who's thankful for it—and his name happens to be Warren Buffett. Writing a thank-you letter disguised as an op-ed for the New York Times, Buffett praises Uncle Sam's intervention in the... More »

More Evidence Jon Stewart Rules the World

Treasury chief visited for off-the-record talk on economy

(Newser) - It's not every comedy show host who warrants an off-the-record talk on the economy with the Treasury chief. But Jon Stewart's clout apparently knows no bounds. Bloomberg noticed that Tim Geithner's newly published appointments calendar included a visit to Stewart's New York office during a busy time in April to... More »

G20 Nations Brush Off Goals by Geithner

He's proposing better guidelines on currency rates, deficits

(Newser) - G20 officials aren’t likely to accept US proposals to better monitor exchange rates along with trade deficits and surpluses, an insider tells Reuters . Timothy Geithner had hoped to set numerical targets for surpluses and deficits as well as "norms" on currency rate policy. "Right now, there is... More »

Final Bailout Tab: $29B

Bank bailout is highlight of latest accounting

(Newser) - So it's not exactly zero, but the $388 billion the feds dumped into bailouts is going to end up with a final price tag of ... $29 billion, reports the New York Times. Most of Treasury's losses are focused in housing rescues ($46 billion) and the Detroit bailout ($17 billion), while... More »

Bailout May End Up Costing $0

Despised TARP expires Sunday

(Newser) - The terms "$700 billion" and "bailout" are paired as often as "Tea" and "Party," but it turns out that the government lifeline to banks and auto firms will only cost taxpayers a fraction of what was originally predicted. The hugely unpopular Troubled Asset Relief Program—... More »

Obama Eyes Bloomberg as Treasury Secretary

Prez wooing New York City mayor, say sources

(Newser) - President Obama might be looking to replace oft-criticized Treasury Secretary Timothy Geithner…with Mayor Michael Bloomberg. (This particular political rumor courtesy of the New York Post ’s Page Six, so take it with a grain or two of salt.) “Obama's looking to do something bold and credible... More »

Boehner: Fire Geithner, Summers

GOP minority leader says they've done enough damage

(Newser) - John Boehner—the House minority leader who could be House speaker if things go right for Republicans in the midterms—is generating headlines today for one of his economic prescriptions: Obama must fire Tim Geithner and Larry Summers.The duo must "see the handwriting on the wall" after the... More »

Geithner to World: Relax, We're Raising Taxes

Axing the Bush tax cuts is just the start

(Newser) - Tim Geithner said something pretty interesting about the Bush tax cuts in his speech yesterday at the Center for American Progress. The Treasury secretary explained why the administration was letting the tax cuts for the wealthiest 2% of Americans expire now. “The world is likely to view any temporary... More »

Jackson: Breitbart 'Morally Wrong'

Pundits pile on White House handling of Sherrod affair

(Newser) - Lips were flapping about Shirley Sherrod all over the Sunday dial this morning, with Jesse Jackson calling out Andrew Breitbart as "morally wrong," reports Politico. He then slapped the White House's "tendency to buckle," in pressuring Sherrod to step down without "due process." Howard... More »

Why We Need a Bank Tax

There will be future bailouts, so make banks pay their share

(Newser) - The recent financial crisis wasn't the first time banks needed a taxpayer bailout, and it won't be the last. That's why a bank tax is the best way to protect taxpayers from the cost of future crises, David Leonhardt writes in the New York Times —better than the current... More »

Clock Ticking, but No Deal Yet

Test vote on financial reform expected tomorrow

(Newser) - Harry Reid still plans an important test vote on financial reform tomorrow, but there's no bipartisan deal yet. Lead negotiators Chris Dodd and Richard Shelby said on Meet the Press they'll keep working on it today, reports CNN , while Mitch McConnell is sending filibuster signals. "It’s my expectation... More »

Bill Clinton: Hillary and I Too Old for High Court

And Mitch McConnell still wants to go back to that drawing board

(Newser) - President Obama faces a partisan battle in pushing through his Supreme Court nominee—but whoever it is, it won't be oldsters Bill and Hillary Clinton, the former president said this morning. 'I'm already 63," Clinton told This Week. "I'd like to see him put someone in there, late... More »

Obama to GOP: Go Ahead, Make My Day

He won't compromise on financial reform; dares them to vote nay

(Newser) - After a tense meeting on financial reform with GOP leaders yesterday, Barack Obama put on his Michael Corleone face and told them his final offer was this: nothing. The president made it clear that he wouldn’t accept any compromise that would weaken the legislation, and essentially dared Republicans to... More »

Larry Summers Will Be Gone by Year's End

Adviser irked that Geithner, not he, has Obama's ear

(Newser) - Economics guru Larry Summers will be out the Obama administration by November’s election, or shortly thereafter, Joshua Green contends —mainly out of frustration that Treasury Secretary Timothy Geithner, and not he, has become President Obama’s go-to adviser in that area. Blogging for the Atlantic, Green notes that,... More »

Dems Get Mojo Back: Here Comes Financial Reform

Suddenly, it looks like smooth sailing for Dodd's bill

(Newser) - Health care has given the White House and Democrats a serious dose of momentum, and it looks as though that will result in easy passage of a stronger-than-expected financial reform bill. Republicans are backing off, and Democrats are sticking together to fend off Wall Street lobbyists who assumed they could... More »

Before Ink Dries, 14 States Sue Over Health Law

13 Republican AGs, 1 Dem charge health care reform is unconstitutional

(Newser) - The threatened lawsuits over the health care reform law started arriving at courthouses today shortly after President Obama signed the measure. Thirteen attorneys general headed by Bill McCollum of Florida—who is also a candidate for governor— sued the Treasury, Labor, and Health and Human Services departments and their secretaries.... More »

Geithner: 'I'm Incredibly Angry'

Treasury secretary says he's sick of the criticism, mad at Wall Street

(Newser) - Timothy Geithner is often seen as the cool, calculating co-architect of various bailouts, and a friend to Wall Street, but that image is all wrong, he insists. “I am incredibly angry at what happened to our country,” he says. In an affable interview with Vogue —he begins... More »

Palin: 'Absurd' Not to Consider a Run in 2012

Ex-gov also thinks Obama should play the 'war card' to get re-elected

(Newser) - Hillary Clinton and Tim Geithner gamely made the talk show rounds today, reports Politico , but the foreign policy and economic views gathering buzz were those being espoused by Sarah Palin over at Fox News Sunday. The onetime would-be veep said it would be "absurd" for her not to consider... More »

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