Geithner Sorry, Blames TurboTax

Treasury nominee, at confirmation hearings, apologizes for tax missteps
By Kevin Spak,  Newser Staff
Posted Jan 21, 2009 10:50 AM CST

(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.

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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.)

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