Tuesday
Feb022010
Geithner Feels The Heat From Both Sides Of The Aisle
By Sofia Sanchez-University of New Mexico/ Talk Radio News Service
U.S. Treasury Secretary Timothy Geithner faced strong, bipartisan criticism Tuesday during a hearing with the Senate Finance Committee over the president's proposed budget for fiscal year 2011.
Jim Bunning (R-Ky.) hit Geithner with questions about the AIG bailout.
"I want to give you a chance to set the record straight. Why did you believe AIG could not afford to fail?" asked Bunning.
Geithner responded "we believe that the failure of AIG would have been catastrophic to the stability of the financial system."
Sen. Jay Rockefeller (D-W.VA) expressed his disappointment with the administration's proposed incentives for renewable energy, which Rockefeller said could hurt the coal power industry, a powerful player in his home state.
"Thank goodness this is the president's budget. it's staying power might be a week or two. We write the legislation," quipped Rockefeller.
Geithner responded, "we are very supportive of making significantly larger incentives and subsidies to encourage clean energy including clean coal." However, when asked by Rockefeller whether the support for the coal industry was included in the budget, Geithner conceded that it was not.
U.S. Treasury Secretary Timothy Geithner faced strong, bipartisan criticism Tuesday during a hearing with the Senate Finance Committee over the president's proposed budget for fiscal year 2011.
Jim Bunning (R-Ky.) hit Geithner with questions about the AIG bailout.
"I want to give you a chance to set the record straight. Why did you believe AIG could not afford to fail?" asked Bunning.
Geithner responded "we believe that the failure of AIG would have been catastrophic to the stability of the financial system."
Sen. Jay Rockefeller (D-W.VA) expressed his disappointment with the administration's proposed incentives for renewable energy, which Rockefeller said could hurt the coal power industry, a powerful player in his home state.
"Thank goodness this is the president's budget. it's staying power might be a week or two. We write the legislation," quipped Rockefeller.
Geithner responded, "we are very supportive of making significantly larger incentives and subsidies to encourage clean energy including clean coal." However, when asked by Rockefeller whether the support for the coal industry was included in the budget, Geithner conceded that it was not.
Medicare Administrator Defends Recess Appointment
Medicare and Medicaid Administrator Donald Berwick defended his decision to accept President Barack Obama’s recess appointment after it was criticized by a Republican Senator.
“The president of the United States asked me serve and help the country. It was a privilege to do it,” Berwick said during a hearing Wednesday with the Senate Finance Committee.
Sen. Jim Bunning (R-Ky.) described the appointment as “very, very controversial.”
“[It] clearly wasn’t an open and transparent process,” Bunning said. “The healthcare reform debate was far from open and transparent. Republicans got locked out of any negotiations.”
Bunning added that Republican leadership in the House will ensure that the administration is more transparent in the future.