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Geithner discusses S&P downgrade, economic outlook and why he’s staying

August 8, 2011

Turn off CNBC and Fox Business for a minute. Trust me, you'll benefit from taking a break from rubbernecking at the financial wreck brought about by the debt ceiling head-on collision last week on Capitol Hill.

OK. You're still peeking through your fingers? Then at least get away from the specifics on how big a hit your portfolio is taking today and check out what Treasury Secretary Timothy Geithner has to say about Standard and Poor's decision.

Key takeaway: "I'm very confident in this country and the capacity of this country and even this political system, damaged as it looks, to come together and try to make more progress in these long term challenges. … If we've learned anything these last three months it's time to put the economy out of politics. These are challenges facing the country of the United States, not one party or the other, and we both have some responsibility to come together and dig our way out of this."

Yeah, yeah, I'm all hopes and dreams and fluffy kittens today. Cut me some slack. It was a weird weekend so I'm trying to start the week on a positive note and see how that works out.

Bonus: You'll get to hear the man who oversees our money use the word "snarky."

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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