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Treasury Secretary Timothy F. Geithner has signaled to White House officials that hes considering leaving the administration after President Barack Obama reaches an agreement with Congress to raise the national debt limit, according to three people familiar with the matter.
Geithner hasnt made a final decision and wont do so until the debt ceiling issue has been resolved, according to one of the people. All spoke on condition of anonymity to discuss private discussions.
Geithner to Consider Leaving Treasury After Debt Debate - Bloomberg
Sources told CNN and other news outlets Thursday that Geithner is considering leaving the Obama administration later this year, once negotiations on raising the government's debt ceiling and cutting the budget deficit are complete. Geithner's family is moving back to the New York suburbs where they lived before he took office so his son can finish high school there. And as the head of Treasury through the worst financial crisis in a generation, and the last key member of President Obama's original economic team still on the job, a desire to leave wouldn't be a shock.
Geithner tried to tamp down the reports of his imminent departure when speaking in Chicago Thursday by saying he wasn't planning on leaving anytime soon. Still, economists and Washington experts were already talking about who might take over the high-profile job. Near the top of the list is current White House Chief of Staff Bill Daley, a close Obama confidant and someone who was brought in at least partly because of his good relationship with the business community.
Before taking the job in the administration earlier this year, Daley had been an executive at JPMorgan Chase. He also served as Secretary of Commerce in the second term of the Clinton Administration. Also at the top of many lists is Erskine Bowles, the Democratic co-chairman of the president's bipartisan commission on cutting the budget deficit. Bowles, who had served as White House Chief of Staff in the Clinton administration, would be an relatively easy pick to get confirmed given the budget cutting emphasis in Congress today, according some experts.
But when contacted Friday, Bowles, 65, appeared to take himself out of running for the job, saying that he is not interested in any full-time job at this point in his career. "I am looking forward to being useful in part-time endeavors," he said. Investment banker Roger Altman is another name that has been mentioned, but his name has surfaced for previous openings on the Obama economic team without ever getting tapped for a position.
And White House Budget Director Jacob Lew, who has been central to negotiations on the debt ceiling and deficit reduction, is another name suggested by experts. Jamie Dimon, chairman and CEO of JPMorgan Chase, who is often described as "Obama's favorite banker" is another prominent name mentioned. A spokesman for the nation's second largest bank holding company had no comment on whether his boss would be interested in the job.
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and should he choose to, Government Sachs has plenty of clones for the job....
The Treasury Department said Sunday Geithner looks forward to the important work ahead on the challenges that face the country. A White House spokesman says President Obama is pleased Geithner will remain at his post. Geithner told the White House earlier this year that he was considering leaving the job when the debt ceiling debate ended.
Republican Senator Rand Paul and Congresswoman Michelle Bachmann a Republican presidential candidate have both publicly demanded Geithner quit after the Standard & Poors credit rating agency downgraded the U.S. rating from the top triple-A grade Friday. Some experts predict the move will have a negative impact on Monday's U.S. stock market opening
S&P Managing Director John Chambers says there is a one-in-three chance the U.S. credit rating will be dropped again within the next two years. Chambers said the rating will likely not improve until the national debt stabilizes and lawmakers are more willing to compromise with each other.
Former White House senior adviser David Axelrod Sunday blamed the downgrade on the Tea Party movement. He said the fault lies with lawmakers who were willing to see the country default rather than strike a deal on the debt ceiling.
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Geithner tells CNBC television that the S&P showed a stunning lack of knowledge about the mathematics used to draw up a federal budget. All eyes are now on global markets to see how they will react to the S&P decision to knock the U.S. rating down one notch from the top grade of triple-A. The downgrade signals that the S&P believes U.S. government bonds are now a riskier investment. S&P Managing Director John Chambers says there is a one-in-three chance the U.S. credit rating will be dropped again as soon as six months from now.
The other two major credit rating agencies Moody's and Fitch have so far kept the U.S. triple-A rating. Earlier Sunday, the Treasury Department said Geithner will not resign. He had been considering leaving the job when the debt ceiling debate ended. Treasury said Sunday Geithner looks forward to the important work ahead on the challenges that face the country. A White House spokesman says President Barack Obama is pleased Geithner will remain at his post.
Republican Senator Rand Paul and Congresswoman Michelle Bachmann a Republican presidential candidate have both publicly demanded Geithner quit, holding him and the Obama administration responsible for the lowered credit rating. S&P officials defended their decision to drop the credit rating. They blame Congress for months of political haggling over a deficit reduction deal that S&P says does not go far enough. The deal calls for cutting the deficit by more than $2 trillion over 10 years. S&P called for $4 trillion in savings. This is the first time since 1917 that U.S. debt has lost its top rating.
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No loss. He should have never gotten the job in the first place.
The Obama administration is sinking faster than the Titanic and everyone is scurrying to the lifeboats before they go under.
Treasury Secretary Timothy F. Geithner has signaled to White House officials that hes considering leaving the administration after President Barack Obama reaches an agreement with Congress to raise the national debt limit, according to three people familiar with the matter.
Geithner hasnt made a final decision and wont do so until the debt ceiling issue has been resolved, according to one of the people. All spoke on condition of anonymity to discuss private discussions.
Geithner to Consider Leaving Treasury After Debt Debate - Bloomberg
