Tim Geithner, the US treasury secretary, said there was a “reasonable chance” of the US finding a consensus on corporate tax reform, as he faced questioning from lawmakers that focused on the raging battle over fiscal policy.

Mr Geithner said it was “worth taking a run” at an overhaul of the way the US taxes business, in order to lower the current top rate of 35 per cent, which many economists and corporate leaders believe puts the US at a competitive disadvantage. – (Copyright The Financial Times Limited 2011)