By Alan Rappeport
Tim Geithner, US Treasury secretary, testified before the House Ways and Means Committee on February 15 to discuss President Obama’s budget proposals for fiscal year 2012. His full remarks are here.
3:25pm – With time expired, Mr Geithner agrees to field three more questions and respond in writing.
3:23pm – Mr Geithner reminds Ms Jenkins that generous tax credits will assist farmers an offer incentives and make capital investments.
3:19pm – Mr Geithner is asked by Lynn Jenkins of Kansas if he knows how much a new combine costs (he does not) to make a point about the costs of running a farm and how estate taxes are hurting agricultural workers.
By Emiliya Mychasuk, FT.com’s US news editor, and Alan Rappeport, FT reporter, in New York. All times are eastern standard.
11.56pm – The Democrats look like they are going to keep control of the Senate.
But in the meantime, the state regarded as a Presidential bellwether, Ohio has elected Republican John Kasich over Democratic incumbent governor Ted Strickland. In a state that has been hit hard by the recession and will be a major battleground in the 2012 presidential election, Mr Kasich was accused in debates over free trade of backing policies that would send US jobs overseas.
11:45pm – US news editor Gary Silverman was wondering earlier when the likely new speaker John Boehner would make his victory lap. The 60-year-old Mr Boehner, a 10-term Republican congressman from western Ohio, began his speech by saying that there was “frankly not a time for celebration, this is a time to roll up our sleeves” and described the elections as a “repudiation of Washington, and politicians who refused to listen to the American people.” The speaker-in-waiting said the “President sets the agenda” but the people had sent a message to the President: “Change course.”
President Obama today stages his latest attempt to advance the $950bn (€700bn, £616bn) 10-year healthcare reform bill, when he hosts a marathon televised summit in Washington with his Republican opponents.
This blog will host regular updates from Anna Fifield, US political correspondent. Clive Crook will share his views on the summit later.
Read Clive Crook’s post – What is the health summit for?