Geithner says economy improved from a year ago - Spokane, North Idaho News & Weather KHQ.com

Geithner says economy improved from a year ago

Treasury Secretary Tim Geithner Treasury Secretary Tim Geithner
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WASHINGTON. - Treasury Secretary Tim Geithner says the nation's economy is stronger than it was a year ago, yet the government must continue to act to stimulate job growth.
     
Geithner told the Senate Finance Committee Tuesday that the Obama administration is trying to balance the desire to add jobs with the need to rein in ballooning budget deficits.
     
President Barack Obama has proposed giving companies a $5,000 tax credit for each new worker they hire in 2010. Businesses that increase wages or hours for their current workers in 2010 would be reimbursed for the extra Social Security payroll taxes they would pay.

Key Democrat: bipartisan support for jobs credit

A key Democratic senator says there is bipartisan support in the Senate to pass a bill that offers tax credits to employers that add workers, like the credit President Barack Obama has proposed.
     
Sen. Max Baucus of Montana, chairman of the Senate Finance Committee, said at a hearing Tuesday that he supports Obama's plan.

He noted that other senators on the committee, including Republican Sen. Orrin Hatch of Utah, have proposed similar bills.

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