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NEWS ABOUT: Senate Finance Committee

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Senate Delays Hearing on Geithner

Troubled Treasury bid must wait until after Inauguration

(Newser) - The incoming administration's attempt to fast-track Tim Geithner's confirmation hearing has failed in the wake of trouble with his personal finances, and the session will now take place on Jan. 21, the New York Times reports. The delay of the Senate hearing until after the Inauguration, motivated by Republican lawmakers'... More »

Obama Team Scrambles to Save Geithner

PR blitz tackles nominee's tax, immigration issues

(Newser) - Barack Obama's transition team distributed talking points defending Timothy Geithner within minutes of emerging news on the Treasury nominee's tax and immigration issues, Politico reports. The PR push stressed that Geithner had paid off all his back taxes and that his former housekeeper's legal status did not lapse until the... More »

Illegal Hire, Tax Issues May Trouble Geithner

GOP's Grassley on Treasury nominee's case ahead of hearings

(Newser) - Timothy Geithner’s Treasury secretary nomination could be threatened by allegations he hired illegal help and didn’t pay Social Security and Medicare taxes while self-employed, the Wall Street Journal reports today. Senate Finance Committee members are meeting privately to discuss the issues, raised by GOP Sen. Charles Grassley. Aides... More »

Housing Bill Loaded with Corporate Tax Breaks

But little to prevent foreclosures

(Newser) - The bill was rushed through the Senate to come to the aid of homeowners facing foreclosure, but it turns out that some of its biggest beneficiaries are automakers, airlines and energy producers. The Senate’s housing bill is packed with billions in corporate tax cuts, the New York Times reports.... More »

2 Probes Launched Into Bear Stearns Deal

Two Senate panels to investigate takeover

(Newser) - The controversial acquisition of Bear Stearns by rival JP Morgan Chase, aided by billions of dollars of government credit, is about to become one of the most scrutinized deals in Wall Street history. Two separate Senate investigations will soon be under way, one by the Banking Committee and another by... More »

Senate Stimulus 'Too Complex' for Treasury

Paulson prefers House's 'simple' $146 billion plan

(Newser) - The $157 billion stimulus bill passed by the Senate Finance Committee is "too complex," Treasury Secretary Henry Paulson said today. "Complexity is our enemy," Paulson said of the bill, which is "in danger of looking like a Christmas tree" once it goes to the full... More »

Senate & White House Battle Today Over Stimulus Plans

House & Senate back rival packages

(Newser) - The Senate and White House face off today over economic stimulus packages designed to get consumers spending again. With bipartisan support, the Senate Finance committee approved a $157 billion plan that would give more than $1,000 to almost every family in the US. A White House proposal, backed by... More »

Senate Pitches Rival Stimulus Package

Larger rebates, more benefits still to come

(Newser) - The Senate has unveiled its own economic stimulus package, challenging the plan agreed to between House leaders and the White House. The Senate plan would give $500 to almost all Americans, rich and poor, and would extend unemployment benefits to the jobless, reports the Washington Post. Senators are also likely... More »

Yale Ups Endowment Spending

Rich schools slammed for sitting on wealth

(Newser) - Yale will significantly increase spending from its $22.5 billion endowment next year—providing more financial aid and launching new research. The university will draw $1.15 billion from its endowment compared with $843 million last year. The decision comes after Yale and other top universities were criticized for sitting... More »

Lott Likely to Snare Lobby Job

Timing of departure suggests he'll return as lobbyist

(Newser) - Republican Minority Whip Trent Lott is quitting the Senate—but he's probably not leaving Washington or politics for very long. The timing of Lott's departure suggests he is planning a lucrative career as a lobbyist, reports MSNBC. A resignation in 2008 would have required a two-year "timeout" before Lott... More »

Congress Drops Tax Hike for Private Equity

Superwealthy investors will get to keep tax breaks they now enjoy

(Newser) - A proposed tax hike on some of America's wealthiest investors isn't likely to happen this year, as Senate Democrats say they're shelving a bill that would have eliminated the special tax rate enjoyed by private-equity managers. Senate Majority Leader Harry Reid says a crowded legislative calendar makes considering the bill—... More »

McCain Blames Earmarks for Bridge Disaster

Pet projects diverted funds from transportation safety, says candidate

(Newser) - John McCain blasted fellow legislators yesterday for contributing to the Minnesota bridge collapse by spending billions of taxpayer dollars on pet projects rather than transportation safety. "Maybe if we had done it right, maybe some of that money would have gone to inspect those bridges and other bridges around... More »

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