Treasury Secretary Geithner Will Keep His Job At President’s Request

Treasury Secretary Timothy Geithner will keep his job at the president’s request.
Reuters reported:

Treasury Secretary Timothy Geithner, who had considered stepping down after the government borrowing limit was raised, will remain at his post at President Barack Obama’s request, the administration said on Sunday.

“The president asked Secretary Geithner to stay on at Treasury and welcomes his decision,” White House spokesman Jay Carney said in a statement.

Geithner had indicated he might leave after a debt-ceiling increase was approved, but administration officials signaled that both Obama and the White House chief of staff had urged him not to leave now.

The high-stakes drama over the debt ceiling increase, which brought the world’s biggest economy to the brink of default, has given way to a new set of concerns after ratings agency Standard & Poor’s downgraded U.S. debt late on Friday.

“Secretary Geithner has let the president know that he plans to stay on in his position at Treasury,” Assistant Treasury Secretary Jenni LeCompte said. “He looks forward to the important work ahead on the challenges facing our great country.”

Debt crises on both sides of the Atlantic have escalated in recent days. European officials were struggling to prevent financial turmoil from spreading from the periphery to core economies such as Italy’s, while officials in Washington will seek to minimize fallout from the debt downgrade.

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