Geithner: Sorry For "Careless Mistakes"

Treasury Secretary-Designate Tells Congress Members He Should Have "Been More Careful" With His Taxes

(CBS/AP)  Treasury Secretary-designate Tim Geithner said Wednesday he was careless in failing to pay $34,000 in U.S. taxes earlier this decade and apologized to Congress.

He told the Senate Finance Committee he was sorry that his past transgressions were now an issue in his confirmation at a time of deepening economic crisis. He urged Congress to act quickly and forcefully to deal with the crisis. A top administration priority is to foster economic recovery and "get credit flowing again," Geithner testified.

As to his failure to pay the payroll taxes from 2001 to 2004 while he worked for the International Monetary Fund, Geithner said: "These were careless mistakes. They were avoidable mistakes."

"But they were unintentional," he said. "I should have been more careful."

Geithner told the panel that he had prepared some of the returns himself with a popular tax-preparation computer program.

Sen. Charles Grassley, the senior Republican on the panel, noted that as treasury secretary, Geithner would be in charge of the Internal Revenue Service.

He suggested the danger of "sweeping the under the rug" Geithner's tax problems in a rush to get him confirmed.

"I have paid what I owed," Geithner said under grilling from Grassley. "I apologize to the committee for putting you in the position of having to spend so much time on these issues."

Although the tax disclosures provided a bump in Geithner's confirmation process, he appeared to have wide support from both parties.

Grassley said he recognizes that many in Congress view Geithner, who worked closely with the outgoing administration on financial bailouts as head of the New York Federal Reserve Bank, is "possibly the only man for the job of healing the recession before us and a very fractured economy."

"To some, he is not only the best choice, he is the only choice," said Grassley.

Committee Chairman Max Baucus called Geithner's tax transgressions "disappointing mistakes," but said he believes they were innocent ones - and should not bar Geithner from serving in the administration's top economic position.

Geithner addressed criticism from committee members, and from other in Congress, over how the $700 billion financial bailout program enacted by Congress last October has been spent so far by the outgoing Bush administration.

Geithner also said that President Obama and he "share your belief that this program needs serious reform."

He cited "a deep uncertainty about what tomorrow holds."

"Our test is to act with the strength, speed, and care necessary to get our economy back on track, and to restore America's faith in our economic future," Geithner said.

[peggys30]

Senators - Congressmen!!!!!!! Where are your guts and brains! Why on earth are you all allowing crooks be appointed and others remain in the leadership of our nation? News media, where are you....you know longer have the former president to kick around everyday. get after these people. President Obama, I didn''t vote for you but I have prayed for you that you had a good and honest heart, but you keep appointing such bad people! Reid, Pelosi, Dodd, Rangel, Franks, etc. God Help us!

[roystoll2]

I was in commercial finance for 18 years. Do you know why you have to have perfect credit in that field? because you make decisions on other people''s credit. Don''t you think someone who is in charge of collecting the country''s taxes and spending should have a perfect record of paying his taxes?? Better yet, just forget about it. Everything your parents told you about right and wrong, everything you learned in church or Bible school about right and wrong, and everything you learned about right or wrong does not count any more! We elected a person connected with voter fraud, lied into the t.v about his association with ACORN during the debate. I am truly sorry but I don''t think right and wrong means the same thing any more.

[roystoll2]

I am really impressed by Obama''s choice for Secretary of the Treasury as impressed as I am with Henry Paulson. Obama got $700 million in contributions from Wall Street bundlers and I think they should be rewarded. This Democrat TARP program is working so well, I think they should triple it. Why don''t we also quadruple the "Stimulus" package so it will bankrupt the country for years and years to come. Who is going to pay for this people? Are you friggin'' nuts??? This is what you get when you put crooks (Barney Frank, Herbert Moses, Christopher Dodd, Franklin Raines, and the Tax Cheat-Geithner in charge of the economy. GO TEAM!!

[hunterdon6]

Don''t forget where O''bama came from. The political corrupt state of Illinois. And he wants this corrupt guy for Treasury! No way should he be confirmed.

[birdyard1]

this guy is a slap in the face to the voters of the USA

[jodyrae4]

here we go with the excuses..

[whitewolf60]

Hey TiredoftheBS....

If this guy pulls THIS kinda nonsense, he doesn''t NEED to be Treasury Secretary.... HE is the one t hat need to "get a life" NOT US!

[whitewolf60]

"A careless mistake...."

YEAH RIIIIGHT, BUBBA!

If that had been me or any other ORDINARY American, our A$$es would be in the klink SO fast it wouldn''t be funny! He knew exactly what he was doing, and was planning to get away with it....

[ctla567]

Geithner knew exactly what he was doing. He was cheating and hope to get away with it. If he didn''t know what he was doing then he is not qualified to be the treasury secretary now. They say he is smart but don''t forget all cheaters are smart.

[allston141]

We were promised Change--this man knew exactly what he was doing--if you or I got a letter forom the IRS you would be peeing your pants---He has no business being head of the Treasury Department. I have gotten those letters before and we (my husband and I- panicked. It''s a lie and he is not be honest--he got caught as usual. If this is the beginning of :Change" I don''t like it. I want to give this OPresident a chance.But so far between him and HolderI am not so sure that this is Change. How could you forget to pay 35,000 and was that with interest. I guess all we have to do is say were sorry now and we don''t have to pay unless an important job is coming up. OOPS!