The AP on Bernanke's and Geithner's testimony on the Hill today: They make "a rare joint appearance at a congressional hearing, ostensibly to take a scolding over the handling of bonuses at AIG." Also expect them to ask about the new toxic asset relief program.
Geithner's going in with (another) plan. He "will face tough questions from lawmakers on Tuesday as he spells out the basics of the Obama administration's plans to reshape financial regulation at a high-profile congressional hearing," Reuters says.
Meanwhile, "President Obama and Senate Democrats have buried a bill passed last week by the House that would have heavily taxed executive bonuses at bailed-out firms," The Hill writes. "Despite the public outcry over $165 million in bonuses awarded at troubled insurer AIG, Senate Majority Leader Harry Reid (D-Nev.) showed little inclination Monday to bring the explosive issue to the floor this week or next. Instead, Reid is likely to delay action on executive compensation until late April, after the Senate returns from a two-week recess starting April 4."
The Washington Post: "Reid's shift came as senators in both parties voiced increasing skepticism about the tax approach taken by the House, echoing President Obama's admonition Sunday night on CBS News's '60 Minutes' against using the tax code 'to punish people.'"
(By the way, AIG stripped the sign from its New York headquarters.)
House and Senate Democrats are at it again… House Democrats are happy to use reconciliation; Senate Dems are not.