Geithner: Obama corporate tax plan before year-end

WASHINGTON, Sept 19 Mon Sep 19, 2011 12:29pm EDT

WASHINGTON, Sept 19 (Reuters) - U.S. Treasury Secretary Timothy Geithner on Monday said the Obama administration's plan to revamp the corporate tax code would be unveiled by the end of the year.

Geithner took questions about President Barack Obama's proposal to overhaul the tax code by cutting corporate tax breaks, as part of an effort to pare the deficit by $3 trillion over a decade.

Geithner also said the proposal would restore fiscal soundness to the United States, responding to a question about the decision by Standard & Poor's to lower the top-notch AAA credit rating of the country.

(Reporting by Caren Bohan, Deborah Charles and Kim Dixon; Editing by Will Dunham)