, through some of the actions taken by secretary timothy geithner error and the economic team -- timothy geithner and the economic team, there are new practices and we want to do our part. part of what we did to help the american taxpayer, we played a big part in executing the recovery act last year. we tried to do that swiftly and efficiently. we also took some steps ourselves. basically raising the threshold, giving the topline people, collection people, more discretion in working with taxpayers. remember, the reason that i did that, first, it was the right thing to do. second, if someone misses a payment and we can keep them in the system, that will keep them in the system long term. frankly, a lot of that flexibility was always there. as commissioner i had the opportunity to emphasize that it was hard for us to measure who was using them. the real things that we measure our if they are making payments, etc. but those are still in place and frankly those are things we need to be doing. i want to make sure that our people are not simply running a nameless, faceless procuracy, but that

. >> woodruff: we'll have back to back interviews with treasury secretary timothy geithner and a leading republican congressman scott garrett. >> lehrer: then, more aid arrives in haiti by ship and by air. some shops re-open even as thousands still live on the streets. >> reporter: are you going to try to stay here, or are you going to try to move somewhere? >> well, moving somewhere... the big question mark is where. because, actually, no where in port-au-prince is safe. >> woodruff: margaret warner gets the latest from martin smith of "frontline" in port-au-prince. >> lehrer: that's all ahead on tonight's "newshour." major funding for the pbs newshour is provided by: >> what the world needs now is energy. the energy to get the economy humming again. the energy to tackle challenges like climate change. what if that energy came from an energy company? everyday, chevron invests $62 million in people, in ideas-- seeking, teaching, building. fueling growth around the world to move us all ahead. this is the power of human energy. chevron. >> this is the engine that connects abundant grain fr

. >> a house panel is demanding documents about decisions made under timothy geithner. the have subpoenaed the federal reserve bank of new york. the government stepped in to rescue aig. >>> it is tim kaine's last speech as the virginia governor. he noted for jinnah landed five corporate headquarters during the worst economic slide in 70 years. he said no state can recommend. economic edge with a jammed highways. >> i believe the biggest challenge is the decades old gridlock. >> he called for more investments in higher education. his successor will be sworn in this saturday. >>> 5:16. your traffic and weather together every 10 minutes. we continue to fall this breakingtory in bethesda. >> we have a huge truck fire that is raging. >> you are looking live at montrose road over 270. this truckhas been burning for over 30 minutes. it caught on fire. authorities have not been able to get close enough to determine the contents. the belief it to be a tanker carrying a highly flammable liquid. 270 northbound is closed, according to callers. southbound 270, only the local lanes f

." >> treasury secretary timothy geithner said we're expected to lose $30 billion from our investment in the auto industry. to which bernie madoff said, i could do better than that. >> joe baca is no longer planning the nomination to give tiger woods a medal. he said, instead, i'm recommending he run for congress. >> tiger woods' popularity has dropped from 85% to 33%. president obama's popularity is also at 33% but tiger had more fun getting there. >> you think the republicans can take back the house. >> we're going to try our best to do it. >> the republican party will take both houses of congress. >> you know his prediction will come true because he got it from that creepy old gypsy woman. >> and we'll be right back. that creepy old gypsy woman. >> and we'll will right back. morning.that's our program this thanks for joining us. have a great week. so long.

. >> ifill: then, lawmakers had tough questions today for treasury secretary timothy geithner and his predecessor henry paulson about the bailout for insurance giant a.i.g. kwame holman covers today's congressional hearing. >> why shouldn't we ask for your resignation as secretary of the treasury? >> that is your right, that is your right to that opinion. >> lehrer: a paul solman take on the federal reserve, as the fed held interest rates at a record low with a little country music help. >> ♪ the fed is printing trillions now, but will their ♪ efforts work? >> ifill: and margaret warner talks to ray suarez in haiti, where hundreds of thousands of people are still in need of food and shelter. >> lehrer: that's all ahead on tonight's "pbs newshour." major funding for the pbs newshour is provided by: >> what the world needs now is energy. the energy to get the economy humming again. the energy to tackle challenges like climate change. what is that energy came from an energy company? everyday, chevron invests $62 million in people, in ideas-- seeking, teaching, building. fueling growth ar

meantime, the president reviewed the situation late today with his embattled treasury secretary, timothy geithner. he's come under growingcluding a contentious congressional hearing this week. >> sreenivasan: stocks fell today, despite the report of surging growth in the fourth quarter. wall street focused more on signs the surge may be short- lived. the dow jones industrial average lost 53 points to close at 10,067. the nasdaq fell more than 31 points to close at 2,147. overall, this was the market's worst month since last february. the dow ended with a loss of 3.5%. the nasdaq fell more than 5%. toyota moved today to begin fixing a gas pedal problem that has forced it to stop selling most models in the u.s. the pedals can stick, forcing the car to accelerate out of control. the associated press reported new parts are being sent first to factories. the problem affects about 4.2 million vehicles in north america, europe and china. toyota is a newshour funder. three more americans have been killed in afghanistan. that makes 29 this month. a nato announcement today said the latest fatalities were t

timothy geithner testifies as morning about his role in the government's efforts to prevent the collapse aig and also his ties to the wall street banks at the time. a house oversight committee hearing begins at 10:00 a.m. eastern time. here live coverage on c-span radio or watch it on c-span3. the federal reserve wraps up the two-day policy session today. analysts expect interest rates to remain at low levels. the current term of the chairman ben bernanke expires this sunday. the senate vote to confirm end to a second term is scheduled for tomorrow and the senate. what the senate live on c-span2. , the report on new-home sales due out this morning. it is expected to show a rise over the previous month. a report yesterday showed home prices rose for a sixth straight month in november. those are some of the latest headlines on c-span radio. >> tonight, president obama delivers his first state of the union address to congress, laying out his vision for the future of the country and his plan to deal with issues such as unemployment, health care, and wars in iraq and afghanistan. the state of

this is an article from mike allen, who interviewed timothy geithner last week. "when asked about the possible market reaction with the feed, timothy geithner mentioned that it would be very troubling tolee did not think they should be on certain, they should be confident, because he was confident that they would be reconfirmed. caller: i think that bases are holding these banks and processors accountable for fraud. many, many people are distressed right now. the ones that have not lost their jobs, they were eligible and cable of paying mortgages that they could not do. they need to start holding these people responsible. that is when we will start to see relief for the people that have underwater mortgages. host: georgia, independent line, go ahead. caller: i am not an economist, but when the federal government bails out these banks, why don't they limit interest rates? many of these banks are in trouble because the interest rates for variable. if they would lock in a national interest rate of 5% on home loans, 7.5% on automobile loans, instead of a cap -- host:

. -- i wrote secretary timothy geithner about this.if aig were allowed to go through bankruptcy today, i doubt those bonuses could have been paid. it is obviously frustrating for taxpayers. if it were not for them, aig would not be around to pay out those bonuses in 2009 and 2010. other specific things we should learn from the intervention with aig from the government? >> i think i would share your sentiment that taxpayers have not charged financial firms sufficiently to make up for the level of support that has been extended over the last year. more generally, i think we can think about the tide that is being produced. it is being produced by taxpayers and financial executives. until now, taxpayers have not been charged. the ultimate result of that would be the financial executives. more generally, the financial executives might be getting an excess of fraction. >> do you have any thoughts, ms. minow? >> i do. in the future i hope we do not have to do a bailout, but if we do, i hope to impose some conditions. the first condition shoul

we have been working with the attorney general holder and timothy geithner and the hud secretary when we look at the modification program and how they need to be improved. we have been working with the ftc which is a longstanding relationship invigorated over the past year to look at a lot of fraud that has taken place. from what i have been told -- my counterpart in iowa has been the attorney general for 28 years and what he has said, it is unprecedented to have this type of relationship with federal regulators. we are heartened by the change but as proposals are made to congress to prevent this from happening in the future we know that right now in terms of putting in place consumer financial protection agency a large part of the argument is whether state level enforcement will not just remain but be expanded to where it should be in recognition for the work we have done and recognition that resources are limited and more cuts are being -- to deal with these problems. >> can i hear from you? >> you raise a very important question and right now there is a higher level of cooperation

. >> i want to ask about timothy geithner. republicans say there is evidence sang under his -- are saying that under his leadership is as to conceal millions of dollars of counterparty payments that were made with taxpayer money. they are suggesting that he was hiding information from regulators. does the white house believe the secretary geithner should testify or test -- or turn over any documents he has? >> i'm sure you are a talked to the treasury department. secretary timothy geithner was not involved with these e-mails. these decisions to not raise to his level at the fed. these are e-mails and decisions made by officials by independent regulatory agencies. >> he was the leader of the new york fed. >> right. he was not on the evils of have been talked about. he was not part of the decision being made. >> there were doubts of more e- mails. in the interest of transparency, does the white house want more? >> i will point to the department of treasury. i just -- >> you gave me the treasury department. >> i do not know what

the juicy clinton talking with timothy geithner at that funeral yesterday?of millions of dollars out. thank you. host: edward, independent line. hello. caller: apologies are important, but not only for businesses, they have worked with the government's to work with the american people on the free- trade agreement. which did nothing but move american companies offshore, taking advantage of cheap labor, sending their products back to the united states, causing -- charging exorbitant amounts of money. leading a minority of workers by an empty factories and they had done nothing. the free trade agreement also affected the japanese economy, which set up all the red tape that kept products from going into their economy. we never returned the favor. host: thank you for the call. the president is supposed to me meeting in the white house, we read today. a group of 11, they are saying, hashing out some of the differences between their bills on health care. the president has upset that an invitation to speak to republicans next week. the administration plans to ask co

. >> coming up next, timothy geithner testifies at a committee hearing. then an international conference on fighting international terrorism in yemen. on tomorrows "washington journal," members of congress to give their reaction to tonight's state of the union address. reaction from editorial page writers from across the country. "washington journal" is live beginning at 7:00 a.m. eastern time here on c-span. after washington journal we go to capitol hearing -- i capitol hill hearing on haiti relief. our live coverage begins at 10:00 a.m. eastern. >> treasury secretary tim geithner told a congressional palianel that he paid no role in the decision to bail out aig. he was president of the year -- of the new york federal reserve bank. it is part of the day-long hearing on aig. later, you will hear from hank paulson. >>> the committee will come to order. the committee will come to order. good morning. on september the 16 2008 the wall street giant aig faced immediate bankruptcy. aig was saved from collapse when the american people came to the rescue with an

timothy geithner, who was head of the new york fed at the time has come under scrutiny. one of the most controversial parts of the government bailout effort. the indianapolis, good morning to jeff. caller: i and a stampede a lot of said of the bonuses but what people understand, what happens is a person get a salary and bonus as part of their compensation. all it is, is in a person contract. in order for the federal government to try to do something about this, they will have to break an already negotiated contract that has been negotiated with the employees, and then you get into a constitutional issue of contract law. people can be upset all they want to about these bonuses, but most of them are contract to employees to work on wall street and right now since most of the banks paid their tarp money back, there is nothing the book and say about it. people can be upset about it all they want to but there is nothing anyone can do at this point. host: what about the role -- hang on the line for a second. i will read a little bit about an article, the business day section o

this begins with the day's news, and tomorrow morning, timothy geithner testifies about the attempts to prevent the collapse of aig. at the time he was the president of the federal reserve board of new york. henry paulson will also testified. live coverage starts at 10:00 a.m. eastern on c-span 3. now a senate hearing with the cochairs of the 9-11 commission. tom keane and lee hamilton discuss security measures following the attempted bombing on christmas day. this is an hour 50 minutes. >> welcome to this second in a series of hearings during which we will investigate the reforms passed by congress and the wakes of the attack of 9-11 are working and to examine the reforms in the light of recent attacks in the ongoing threat and what parts of what we have done earlier may need further reform so we can fulfill our responsibility to protect homeland security of the american people. i want to go back to last week's first in the series of hearings before focusing on this one and say i very much appreciated the fact that all of our witnesses -- dennis blair, director of the national count

tomorrow morning, timothy geithner testifies about the government efforts in 2008 after the collapse of 80. at the time, he was the presence of the federal reserve bank of new york. henry paulson will also testify. live coverage from the house oversight committees are set and a glut eastern on c-span3 -- an oversight committee. live coverage begins at 10:00 a.m. eastern on c-span3. >> the state of the union address, wednesday night. our coverage starts it 8:00 p.m. eastern on c-span. you can also listen to the president's address live on your iphone with the c-span radio application. the congressional budget office issued an outlook on the federal budget. the cbo report said that the deficit which currently stands at $1.40 trillion could rise to $1.60 trillion this year. the cbo director presented the report at the news briefing. this is just over an hour. >> for those of you i do not know, i am the associate director for communications at cbo. we release our budget and economic outlook. it is now live on the web at divi-divi -- at www.cbo.gov. the also launched a new interactive web

. -- i wrote secretary timothy geithner about this.if aig were allowed to go through bankruptcy today, i doubt those bonuses could have been paid. it is obviously frustrating for taxpayers. if it were not for them, aig would not be around to pay out those bonuses in 2009 and 2010. other specific things we should learn from the intervention with aig from the government? >> i think i would share your sentiment that taxpayers have not charged financial firms sufficiently to make up for the level of support that has been extended over the last year. more generally, i think we can think about the tide that is being produced. it is being produced by taxpayers and financial executives. until now, taxpayers have not been charged. the ultimate result of that would be the financial executives. more generally, the financial executives might be getting an excess of fraction. >> do you have any thoughts, ms. minow? >> i do. in the future i hope we do not have to do a bailout, but if we do, i hope to impose some conditions. the first condition shoul

. -- i wrote secretary timothy geithner about this. if aig were allowed to go through bankruptcy today, i doubt those bonuses could have been paid. it is obviously frustrating for taxpayers. if it were not for them, aig would not be around to pay out those bonuses in 2009 and 2010. other specific things we should learn from the intervention with aig from the government? >> i think i would share your sentiment that taxpayers have not charged financial firms sufficiently to make up for the level of support that has been extended over the last year. more generally, i think we can think about the tide that is being produced. it is being produced by taxpayers and financial executives. until now, taxpayers have not been charged. the ultimate result of that would be the financial executives. more generally, the financial executives might be getting an excess of fraction. >> do you have any thoughts, ms. minow? >> i do. in the future i hope we do not have to do a bailout, but if we do, i hope to impose some conditions. the first condition shou

working through and as a result of the announcement by president obama and the financial secretary timothy geithner about the levy on the wholesale lending i think the proposals i made for an international what be the ones i made the were controversy let the time are now gaining the courtesy around the world and i think we would see further moves to get international agreement about some international levy to deal with the if you like the responsibility that the banks call to society which isn't met by the range and so on all three issues getting some money back making sure the bonuses are fairly taxed and moving where we can the risk to society we are taking action and in most cases that is similar to what is happening in america. >> with the strategic defence to review coming after the election much of the debate now is between the services rather than the parties, some just for the record how would you characterize differences between labor and the conservatives on the national security issues? >> on national security we have made an enormous investment in the future of our security arrangements

. >> the associated press writing that treasury secretary timothy geithner denied that he was withholding information that sent deals to big banks. he testified before a house panel. here's a look at part of this hearing. it's about two and a half hours. >> the hearing will come to order. the committee will come to order. good morning. on september 16, 2008, the wall street giant a.i.g. faced immediate bankruptcy. a.i.g. was saved from collapse when the american people came to their rescue with an $85 billion bailout. less than two months later, the american taxpayer was again forced to pay the bill when the federal reserve direct the a.i.g. to hand out billions of dollars to counterparties that included the biggest names on wall street and affected taxpayers were proposing up the hollow shells of a.i.g. by stuffing it with money and the rest of wall street came by and looted the corpse. the circumstances surrounding the payments to the counterparties has created an air of suspicion and distrust among the american people, starting with the new york feds' initial refusal to name the counte

. >> i want to ask you about timothy geithner. there was some evidence suggesting that under his leadership, then you're far reserve pressured aig to conceal information about the counterparty payments that were made with taxpayer money. they are suggesting that he was hiding information from regulators. i wonder, does the white house believe that secretary geithner should testify on the document he has to clear this up? >> i pointed to the treasury department. i am sure you of already talked to them. secretary geithner was not involved in any of these e- mails, these decisions did not raise it to his level in the fed. these were e-mails and decisions made by officials at age -- at an independent regulatory agency. >> he was the leader of the new york fed. >> he was not on the e-mails that have been talked about and was not party to the decision that was being made. >> there probably thousands of more e-mails and he may not be on sound that some have looked at. in the interest of transparency, -- >> i would point you to the depart

timothy geithner, who was head of the new york fed at the time has come under scrutiny.e of the most controversial parts of the government bailout effort. the indianapolis, good morning to jeff. caller: i and a stampede a lot of said of the bonuses but what people understand, what happens is a person get a salary and bonus as part of their compensation. all it is, is in a person contract. in order for the federal government to try to do something about this, they will have to break an already negotiated contract that has been negotiated with the employees, and then you get into a constitutional issue of contract law. people can be upset all they want to about these bonuses, but most of them are contract to employees to work on wall street and right now since most of the banks paid their tarp money back, there is nothing the book and say about it. people can be upset about it all they want to but there is nothing anyone can do at this point. host: what about the role -- hang on the line for a second. i will read a little bit about an article, the business day section of "

we got this twitter message from joe, the american hero who writes maybe they should have timothy geithnerst people to make sure they know how to pay taxes. more from the article on the "washington post." the new testing and education standards will exempt certified public accountants, lawyers, and tax practitioners known as enrolled agents who are cleared to represent taxpayers in dealing with the irs and are already subject to professional or government requirements. the irs said that it will take a closer look at the performance of those groups and that it has not ruled out testing them in the future. toledo, ohio, andy on our line for independents. what's on your mind this morning, andy? . >> caller: well, i'm definitely against the irs getting any more regulatory powers. it's pretty obvious the guy that you just had the twitter on there -- the guy that's running the irs can't do his taxes, how can they help us do our taxes better. they are incompetent at everything they do. they need to abolish the irs if anything. that's all i got to say. >> host: thanks for your call. no more regula