This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Geithner Tax Issues Derail Fast Confirmation

By Julie Hirschfeld Davis

WASHINGTON -- Revelations about Timothy Geithner's tax problems derailed Senate Democrats' plans Wednesday to speed him to confirmation as Treasury secretary so he could be sworn in on Inauguration Day.

President-elect Barack Obama had hoped for Geithner to be approved quickly so he could join other officials in urgent efforts to revive the failing national economy beginning immediately after Obama's own inauguration next Tuesday. Now, Geithner's confirmation hearing isn't scheduled until next Wednesday, with Senate debate and a vote some time after that.

A top Republican objected to a hearing this Friday for Geithner at the Senate Finance Committee after the panel disclosed he failed to pay $34,000 in taxes several years ago.

Still, Democrats and Republicans on the panel voiced strong support for Geithner, who was phoning senators individually to persuade them that his tax problems were the result of innocent mistakes, not deliberate attempts to avoid paying the Internal Revenue Service.

Sen. Max Baucus, the Montana Democrat who chairs the committee, said Geithner's confirmation was "a given." He said he was working to clear away the objection to a quicker hearing for Geithner, which could allow him to be confirmed on Inauguration Day.

Sen. Jon S. Kyl of Arizona, the No. 2 Republican, is blocking the hearing by insisting on rules that require a full week's notice for scheduling such a session, according to an aide close to the confirmation process. His objection was disclosed on condition of anonymity because the aide was not authorized to announce it.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $111.60 0.00%
FB $94.26 0.00%
GOOG $646.67 0.00%
TSLA $215.58 0.00%
YHOO $32.86 0.00%


Chart of I:DJI
DOW 17,131.86 +47.37 0.28%
S&P 500 2,014.89 +15.91 0.80%
NASDAQ 4,838.6430 +8.1730 0.17%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs