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.
Geithner is also expected to face hard questions on his role in the Bush Administration’s widely-panned financial rescue efforts. But he began his testimony by advocating such bold moves. “In a crisis of this magnitude, the most prudent course is the most forceful course,” he said. “If our policy response is tentative and incrementalist, we risk greater damage … to the fabric of our financial system.” (Read more Timothy Geithner stories.)