WASHINGTON – Following a hearing in which Treasury Secretary Timothy Geithner said his failure to pay his taxes on time was "careless" and "avoidable," the Senate Finance Committee today scheduled a vote on his confirmation tomorrow.
Geithener, the former president of the Federal Reserve Bank of New York, recently paid more than $30,000 in back taxes stemming from his failure to pay payroll taxes while working for the International Monetary Fund. As secretary of the treasury, he would oversee the Internal Revenue Service.
Finance Committee Chairman Max Baucus (D-Montana) said Geithner's actions were "disappointing mistakes" but he should still be confirmed.
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The panel's ranking member Sen. Charles Grassley (R-Iowa), criticized Geithner's actions as well and said they shouldn't be swept under the rug but did not say whether he would vote to confirm him.
Geithner said the administration's approach to repairing the economy will be designed to "demonstrate by our actions a clear and consistent commitment to do what is necessary to solve the problem, then we risk greater damage to living standards, to the economy's productive potential, and to the fabric of our financial system," Geithner told lawmakers.
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