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'''Timothy Geithner''' (b. 1961) became the [[Secretary of the Treasury]] in the [[Obama Administration]] in January, 2009. [[Image:Geithner1.jpg|thumb|370px|Critics feared Geithner's vague plans would crash]] Geithner got off to a very bad start, as his programs from 2008 have worked poorly, he was ridiculed and humiliated during his confirmation hearings for not paying taxes (even though he has admitted to using tax software Turbo Tax, which would have clearly showed him the errors). Unpopular, he resigned after Obama got a second term and was replaced by White House Chief of Staff [[Jack Lew]].

'''Timothy Geithner''' (born 1961) became the [[Secretary of the Treasury]] in the [[Obama Administration]] in January, 2009. [[Image:Geithner1.jpg|thumb|370px|Critics feared Geithner's vague plans would crash]] Geithner got off to a very bad start, as his programs from 2008 have worked poorly, he was ridiculed and humiliated during his confirmation hearings for not paying taxes (even though he has admitted to using tax software Turbo Tax, which would have clearly showed him the errors). Unpopular, he resigned after Obama got a second term and was replaced by White House Chief of Staff [[Jack Lew]].

==Career==

==Career==

In the confirmation hearings in January 2009 he was publicly humiliated by the Senate (controlled by Democrats) when it seemed he deliberately evaded over $40,000 of federal taxes. He paid the taxes and penalties and was confirmed, with most Republicans opposed.  

In the confirmation hearings in January 2009 he was publicly humiliated by the Senate (controlled by Democrats) when it seemed he deliberately evaded over $40,000 of federal taxes. He paid the taxes and penalties and was confirmed, with most Republicans opposed.  

Geithner and the [[Obama Administration]] moved moved to handle the crisis on two fronts.  Working with Democrats in Congress (and three moderate Republican Senators), they passed the an economic stimulus bill, the "[[American Recovery and Reinvestment Act of 2009]]", with $500 billion of [[Direct_spending#New_spending|new spending]] and nearly $300 billion in new tax cuts. The stimulus will begin operations in mid-February, 2009, and supporters hoped it would slow the nosediving economy.  Conservative critics feared it would be ineffective in the short run and add to the national debt and tax burdens in the long run.

Geithner and the [[Obama Administration]] moved moved to handle the crisis on two fronts.  Working with Democrats in Congress (and three moderate Republican Senators), they passed the an economic stimulus bill, the "[[American Recovery and Reinvestment Act of 2009]]", with $500 billion of [[Direct spending#New spending|new spending]] and nearly $300 billion in new tax cuts. The stimulus will begin operations in mid-February, 2009, and supporters hoped it would slow the nosediving economy.  Conservative critics feared it would be ineffective in the short run and add to the national debt and tax burdens in the long run.

===Calls For Resignation===

===Calls For Resignation===

Republican Representative Kevin Brady of Texas told Geithner he has ‘Lost All Confidence’, thats how both liberals Democrats and conservative Republicans now view Geithner's position. Democrat Representative Peter DeFazio of Oregon told [[MSNBC]] that Geithner needed to go. Representative Michael Burgess of Texas, also expressed dissatisfaction with Geithner, <ref>[http://www.bloomberg.com/apps/news?pid=20601103&sid=awXy12PVV7.0 Geithner Resignation Calls May Increase as 2010 Election Nears, Bloomberg, November 20, 2009]</ref>

Republican Representative Kevin Brady of Texas told Geithner he has ‘Lost All Confidence’, that's how both liberals Democrats and conservative Republicans now view Geithner's position. Democrat Representative Peter DeFazio of Oregon told [[MSNBC]] that Geithner needed to go. Representative Michael Burgess of Texas, also expressed dissatisfaction with Geithner,<ref>[http://www.bloomberg.com/apps/news?pid=20601103&sid=awXy12PVV7.0 Geithner Resignation Calls May Increase as 2010 Election Nears, Bloomberg, November 20, 2009]</ref>

{{cquote|I don’t think you should be fired,” Burgess told him. “I thought you should have never been hired.}}

{{cquote|I don’t think you should be fired,” Burgess told him. “I thought you should have never been hired.}}

With Geithner losing more of his credibility as a problem solver, he came back with a plan on March 23 that will not need additional funding or approval by Congress.  The Treasury will use $100 billion from the Troubled Asset Relief Program (TARP), as well as new capital from private investors, in order to generate $500 billion in purchasing power to buy toxic loans and assets. The program could potentially expand to $1 trillion over time, and initial responses by Wall Street have been favorable.

With Geithner losing more of his credibility as a problem solver, he came back with a plan on March 23 that will not need additional funding or approval by Congress.  The Treasury will use $100 billion from the Troubled Asset Relief Program (TARP), as well as new capital from private investors, in order to generate $500 billion in purchasing power to buy toxic loans and assets. The program could potentially expand to $1 trillion over time, and initial responses by Wall Street have been favorable.

==External links==  

==External links==

*[http://www.ustreas.gov/ Department of Treasury]

*[http://www.ustreas.gov/ Department of Treasury]

==References==

==References==