Washington: Big changes are coming to President Barack Obama's administration - just not right away.
The White House is making the nation's high-stakes fiscal crisis its top priority coming out of the election, underscoring the vital importance of averting severe year-end tax increases and spending cuts, not just for the economy but in setting the tone for Obama's second term.
Still, Obama is weighing replacements for high-profile officials expected to leave his Cabinet and the White House soon. Treasury Secretary Timothy Geithner and Secretary of State Hillary Rodham Clinton both want to step down but have indicated a willingness to push their departures into next year, or at least until successors are confirmed. Defence Secretary Leon Panetta also wants to retire next year.
"The first thing is to try to find a way out of the box we're in with regards to the fiscal cliff," said Tom Daschle, the former Senate majority leader who is close to Obama. "When the new Congress convenes they'll begin the nominating process for what I expect will be a good number of vacancies."...
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05:10 AM, Nov 09, 2012
New Delhi: India's recent reform measures are "very significant" and will fuel private investment in the economy, US Treasury Secretary Timothy Geithner said during a visit to New Delhi on Tuesday. India has announced a series of measures, including raising the price of subsidised fuel and opening the retail sector to foreign supermarkets, to revive economic growth, which has slowed to a near three-year low. "The reforms outlined by the...
02:31 PM, Oct 09, 2012
Washington: Finance Minister Pranab Mukherjee on Friday dismissed as unfounded concerns by US business groups that revised Indian tax laws might make foreign investors retroactively liable for taxes dating back decades. "There is some sense of despondency amongst a section of USA. Businessmen, particularly because of their apprehension - and I would say misapprehension, about certain legislative amendments which we have proposed," he said in Washington. The budget last month...
04:29 PM, Apr 22, 2012
Davos: In a candid admission of the problems plaguing the world's largest economy, US Treasury Secretary Timothy Geithner said on Friday the country was seeing "very high levels of poverty and inequality". Geithner's comments at the World Economic Forum (WEF) annual meeting in Davos came on a day when the US government data showed that the country's economy grew 2.8 per cent in the last three months of 2011. "(There...
10:03 PM, Jan 27, 2012
Davos: China is keeping its currency below its fair value and it represents a "formidable challenge" to the global trading system, US Treasury Secretary Timothy Geithner said on Friday. Sharply criticising the Communist giant's state-led economic system, Geithner said, "China does represent a really unique and formidable challenge to the global trading system because the structure of its economy... is overwhelmingly dominated by the state." Chinese trade practices, including subsidies...
09:11 PM, Jan 27, 2012
Lawrence Summers has served as US treasury secretary under Bill Clinton, a post currently held by his protegee Timothy Geithner. Presently, he teaches economics at Harvard University, where he was formerly the president. He comes from a family of economists. His parents are economists and he is a nephew of Paul Samuelson and Kenneth Arrow, both Nobel Laureates in economics. How is India positioned as a global consumption engine? India...
03:39 PM, Jan 13, 2012
Lawrence Summers has served as US treasury secretary under Bill Clinton, a post currently held by his protegee Timothy Geithner. Presently, he teaches economics at Harvard University, where he was formerly the president. He comes from a family of economists. His parents are economists and he is a nephew of Paul Samuelson and Kenneth Arrow, both Nobel Laureates in economics. How is India positioned as a global consumption engine? India...
11:00 AM, Jan 13, 2012
Washington: India over the years has emerged as a role model for balanced economic growth for countries across the world, US Treasury Secretary Timothy Geithner said on Tuesday. "India in some ways is the model for how to produce broad-based economic growth, with a balanced growth in an equitable free market system," Geithner said addressing a meeting of India and American corporate leaders, policy makers and think-tank members at a...
10:21 AM, Jun 28, 2011
Washington: As inflation hits double digits - here's a warning coming from US Treasury Secretary Timothy Geithner. Geithner says India has outgrown its financial system and needs reforms to be able to continue with fast-paced growth. Observing that India and the US are at the threshold of unlocking the great potential of their bilateral economic relationship, Timothy Geithner on Monday urged New Delhi to accelerate next generation reform to spur...
10:01 AM, Jun 28, 2011
New Delhi: Finance Minister Pranab Mukherjee on Monday held talks here with US Treasury Secretary Timothy Geithner on a wide range of issues, including the agenda for the G20 Summit in Seoul later this week, to be attended by Prime Minister Manmohan Singh and President Barack Obama. The next steps forward to stabilise the global financial markets, technical cooperation on capital flows and infrastructure financing also figured in the talks,...
12:27 PM, Nov 08, 2010
Indian outsourcing companies won't be hurt by new rules: analysts. ...
09:09 PM, May 05, 2009
Treasury Secretary Timothy Geithner submits report on economy. ...
07:01 PM, Apr 16, 2009
Wednesday's economic data bore evidence of that to some small measure. ...
03:04 PM, Mar 26, 2009
