WASHINGTON – Timothy Geithner starts his new job as secretary of the treasury today, following his confirmation by the Senate last night by a vote of 60-34.
Geithner, who was sworn in less than an hour after the vote by President Obama, will have little time to get acclimated in light of the myriad of economic challenges facing the nation.
Just yesterday, Caterpillar, Home Depot, Sprint Nextel and at least eight other companies announced layoffs of more than 200,000 in the United States and the rest of the world.
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Congress is considering an $825 billion economic stimulus bill that Democrats contend will help jumpstart the economy. Some Republicans think it is too larded with excessive spending that won't help the economy and complain that there aren't enough tax cuts in it.
The Republican opposition isn't expected to affect the vote in the House, which is scheduled for tomorrow.
In the Senate, where the rules give the minority the power to slow down the legislative process, the GOP could cause problems for the measure.
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