"So it is not a permanent program," he said.
The hearing before the subcommittee was intended to give Geithner an opportunity to discuss the Treasury's 2010 budget request. But lawmakers' questions focused largely on his work dealing with the financial crisis, including what role the government could play in assisting money-strapped states such as California.
Geithner said he did not have authority to use the rescue funds to help state and municipal governments. But he said he was working with Congress to make it easier for state and municipal governments to borrow money.
But Geithner declined to rule out helping California or other states with taxpayer money.
Geithner also said the Obama administration is considering an independent agency that would set and enforce financial services rules to protect consumers.
Geithner said the administration is studying the structure and how much authority such an agency would have. His comments yesterday were the most specific acknowledgment yet that such an entity could be part of the Obama administration's broader effort to overhaul financial sector regulations.
Geithner told House members the administration is looking at how a consumer protection agency would relate to "authorities that exist across agencies now."
The Treasury's $13.4 billion budget request for fiscal 2010 represents a 5 percent increase over current spending. In prepared remarks to the House panel, Geithner said the majority of additional money he is seeking will be devoted to improve tax collection efforts.
