April 5, 2011 |
Treasury Secretary Timothy F. Geithner said the U.S. will hit the limit on its borrowing capacity by May 16 and could start defaulting on some of its debts about seven weeks later unless Congress acts soon to raise the debt ceiling. The Treasury Department had estimated that the nation would reach its $14.29-trillion debt limit between April 5 and May 31. But in a letter to congressional leaders, Geithner said new calculations based on projections of income tax receipts showed that the date will be no later than May 16. The Obama administration is pushing Congress to increase the debt limit for the 76th time since 1962.
March 1, 2011 |
Republicans must come to grips with how to overhaul U.S. housing finance if they are serious about ending the government's leading role in the wrecked system, Treasury Secretary Timothy F. Geithner said Tuesday. Republicans, who now control the U.S. House of Representatives, want to scale back the government's footprint in housing finance and give the private sector a larger role. With property markets still fragile and 2012 elections looming, the Obama administration wants Republicans to choose among reform options so the problem of home foreclosures and mortgage financing costs doesn't become a festering political issue.
January 13, 2011 |
With China's president set to arrive in Washington next week, Treasury Secretary Timothy F. Geithner on Wednesday laid out a list of concerns that he says the U.S. has with the rapidly rising Asian nation, including unfair government subsidies, theft of intellectual property and its undervalued currency. In a speech ahead of Hu Jintao's state visit next Wednesday, Geithner said that China presents "enormous opportunities for the United States. " U.S. exports to China, he pointed out, are growing at twice the rate of exports to the rest of the world.
January 7, 2011 |
Treasury official Gene Sperling, expected to be named as President Obama's top economic aide, has two important qualifications that experts said probably helped him secure the job: He's done it before and he's dealt with a hostile Congress. Sperling, 52, held the same White House position ? director of the National Economic Council ? from 1997 through 2000 under President Clinton. He was a key negotiator with the Republican-controlled Congress then over economic issues, such as preventing cuts to the earned-income tax credit for low-wage families.
January 6, 2011 |
The escalating battle over raising the legal limit on the nation's debt is one that risks chaos in world financial markets and the creditworthiness of the U.S. government. "They're playing with economic fire," said William O'Donnell, a debt strategist at RBS Securities in Stamford, Conn. The United States is about $335 billion away from its authorized debt ceiling of $14.29 trillion, Treasury Secretary Timothy F. Geithner told lawmakers Thursday. And the limit is fast approaching.
January 5, 2011 |
President Obama is expected to name a replacement this week for top economic advisor Lawrence H. Summers, and the top candidates have had ties to the financial industry, which the president has lambasted for its role in precipitating the Great Recession. Summers' last day as director of the National Economic Council was Friday. His deputy, Jason Furman, has taken over the job as the White House finishes a search that began when Summers announced his resignation in September. Candidates to replace Summers include Gene Sperling, a former economic advisor to President Clinton who has done consulting work for investment banker Goldman Sachs Group Inc., and Roger Altman, chairman of investment banking firm Evercore Partners and a deputy Treasury secretary under Clinton.
November 30, 2010 |
President Obama and congressional leaders called their first meeting since the midterm elections a frank but productive initial discussion of the issues before them, each expressing hope that common ground could be reached on the thorniest debate: the fate of tax rates set to expire next month. To that end, Obama announced that Treasury Secretary Timothy F. Geithner and Jack Lew, his budget director, would immediately begin working with representatives from both parties in Congress in an attempt to broker a compromise on the matter by year's end. Speaking to reporters after the meeting Tuesday, Obama said there was "broad agreement" that they need to resolve the tax-cut issue before the rates expire, but he outlined the differences and stopped short of saying he was confident they would do so. He said he was hopeful Geithner and Lew could "break through the logjam.
October 8, 2010 |
In the early weeks of the Obama administration, Treasury Secretary Timothy F. Geithner seemed like the ultimate short-timer. There was the rocky confirmation stemming from his failure to pay some personal income taxes. Then after taking office, Geithner's first major speech on the financial crisis was an unmitigated disaster. The markets shuddered at the dearth of details about his plans to stabilize the financial system, and the Dow Jones industrial average plunged 382 points.
September 17, 2010 |
The Obama administration is considering a tougher stance on the Chinese government's policies concerning currency and trade, Treasury Secretary Timothy F. Geithner told lawmakers Thursday. With economic tensions growing, and midterm elections approaching, members of both parties have expressed support for cracking down on China. Geithner criticized the Chinese government for preventing appreciation of its currency, which has made Chinese exports cheaper abroad and increased prices of goods imported by China.
August 18, 2010 |
With sweeping financial reform legislation enacted, the White House and Congress now must focus on fixing the mess created by the failed housing finance giants Fannie Mae and Freddie Mac. It's a complex challenge with high stakes for taxpayers and the struggling real estate market. On Tuesday, key administration officials conferred with about 200 industry executives, affordable housing advocates and other experts about the role the government should play in the nation's housing finance system.