Timothy Geithner, Taxes | featured news

President Obama is ready for difficult concessions to reach a deficit deal, but GOP lawmakers must first commit to higher tax rates on the rich and specify what additional spending cuts they want in a deal to avoid the looming "fiscal cliff," Treasury Secretary Timothy Geithner said.

The U.S. economy is no longer on the edge of collapse, but Americans must reduce the budget deficit, Treasury Secretary Timothy Geithner said Sunday.

Some taxpayers -- and even some in the IRS -- resent what appears to be a double standard that favors powerful people like Cabinet nominees.

The Treasury secretary, who oversees the IRS, initially didn't pay all his taxes. Neither did five other top nominees for the Obama administration or their spouses.

AP - Treasury secretary designee Timothy Geithner is meeting with senators to discuss why he failed to pay personal taxes and check the immigration status of a housekeeper. An official with President-elect Barack Obama's transition office says Geithner answered senators' questions during a meeting he requested Tuesday.