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Timothy F. Geithner

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The 75th and current United States Secretary of the Treasury, serving since 2009.
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Geithner defense reforms

Tim Geithner, US Treasury secretary, met immediate resistance to his regulatory reform package on Capitol Hill on Thursday, at the start of what promises to be a lengthy sales pitch to protect the white paper from critics in Congress.At a Senate hearing, the Treasury chief defended his proposal to grant new systemic risk regulation powers to the Federal Reserve, an issue that is vulnerable to being overturned by sceptical lawmakers. “You cannot convene a committee to put out a fire,” Mr Geithner told the Senate banking committee, insisting that the Fed was the best body to guard ...

U.S. budget deficit nears $1 trillion

Treasury Department says the May shortfall was $189.6 billion, bringing the total deficit for the current fiscal year to $991.95 billion. The deficit comes as the government has pumped billions of dollars into the economy to help fight the worst financial crisis in a generation."We're going to see very large budget deficits for the next couple of years," said Gus Faucher, director of macro economics at Moody's Economy.com.Running up a deficit is "necessary to end the recession," he said. "But after the crisis is over, the federal government will need to get its fiscal house in ...

Timothy Geithner committed to cutting the budget deficit

Treasury Secretary Timothy Geithner committed to cutting the budget deficit as concern about deteriorating U.S. creditworthiness deepened, and ascribed a sell-off in Treasuries to prospects for an economic recovery.“It’s very important that this Congress and this president put in place policies that will bring those deficits down to a sustainable level over the medium term,” Geithner said in an interview with Bloomberg Television yesterday. He added that the target is reducing the gap to about 3 percent of gross domestic product, from a projected 12.9 percent this year.The ...

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