Paulson urges simple stimulus bill from Senate

By David Lawder

Paulson, testifying before the Senate Budget Committee, said he did not want to spend money "that really isn't stimulus" as part of the approximately $150 billion spending package now under consideration in the Senate.

He reiterated that extending unemployment benefits, a provision backed by many Democratic senators, was unnecessary given the current 4.9 percent unemployment rate.

Paulson also cautioned senators against passing legislation aimed at forcing China to raise the value of its yuan currency, saying such an effort was "bordering on the silly."

Paulson also said the U.S. corporate tax system was inefficient and was putting American firms at a competitive disadvantage in the global economy.

"I think in many ways the most expensive tax dollars we raise in terms of inhibiting competitiveness and jobs and growth are the way we tax our businesses that compete globally," Paulson said.