Geithner at G-20: Fiscal Cooperation Strongest Since WWII

Although this week's focus is on the global summit in England, Geithner still must contend with a series of domestic issues, such as claims that the administration had a double standard for the auto industry after Obama's auto task force asked General Motors' CEO Rick Wagoner to step down from his post.

Geithner Defends Govt.'s Management of TARP

"If you look at where the government has already acted, if you look at AIG, look at Fannie and Freddie, where we've had to do exceptional things, we've made sure that that comes with the kind of changes in management or the board necessary to make sure these banks, these financial institutions, emerge stronger," he said. "That's our basic test."

Another pending domestic battle is Obama's budget, which has been fiercely criticized by Republicans for spending, taxing and borrowing too much. But Geithner today defended the administration's proposals, such as its proposed overhaul of the health care system.

"Our basic responsibility and obligation, not just to Americans but to countries around the world, is to make sure we're not moving aggressively just to bring recovery back, but at the same time, we lay out a path so that we're ... going to move back to the point where we're living within our means of the country. Now, that's going to require some very hard choices," he warned.

"The president's budget laid out how we would make those choices. Congress is going to have to make those choices along with us," Geithner said.

On Tuesday, oversight officials testified before Congress that the Treasury Department had not done enough to increase the transparency and accountability of the Troubled Asset Relief Program, claims that Geithner rejected today.

"Unfair," he said bluntly. "We put in place very strong reforms to make sure there is much more transparency and accountability across all these programs."

The Treasury boss also reiterated that there was $135 billion remaining in the program after these watchdogs told Congress that the actual amount left was closer to $32 billion.

"The true number is roughly $135 billion. Now, that includes an estimate ... about what we might expect banks to repay over the next several quarters. So that number, we think it's a conservative estimate, but it does include a rough estimate of what money we expect to come back over this program."

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