U.S. Treasury Secretary Timothy Geithner will likely resign from his position before March — right before the next debt ceiling fight, according to several news reports.
Treasury Secretary Timothy F. Geithner plans to leave the administration at the end of January, even if President Barack Obama and congressional Republicans haven’t reached an agreement to raise the debt ceiling, according to two people familiar with the matter.
After giving in to Obama’s previous entreaties to stay as long as needed, Geithner has indicated to White House officials and Wall Street executives that he is unlikely to change his departure plans this time, increasing pressure on the president to name his successor at Treasury, said the people, who requested anonymity to discuss the private discussions.
Geithner, 51, is the only remaining member of Obama’s original economic team and was a key figure in the taxpayer- funded bailouts during the 2008 financial crisis. He’s also had a principal role in negotiations with Congress on the budget deal and in past deliberations over the debt ceiling.
White House Chief of Staff Jack Lew appears to be the chief candidate for Secretary Geithner’s spot, numerous sources familiar with the situation confirmed.
However, because “Lew’s experience in financial markets is thin, Obama may seek to name a Wall Street executive as the deputy treasury secretary,” the Bloomberg report notes.
“While Lew, 57, worked as a managing director for Citigroup from July of 2006 until the end of 2008, he’s spent most of his career in government. He served as director of Office of Management and Budget for both Obama and President Bill Clinton and was an aide to the late Tip O’Neill, former speaker of the U.S. House,” the report adds.
UPDATE: The Treasury is playing coy about Geithner’s exit. From CNBC’s Steve Liesman:
Treas statement to me on Geithner: “no further announcements about the timing of the Secty’s departure until after his successor is named.”
— steve liesman (@steveliesman) January 3, 2013
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(H/T: Zero Hedge).
Featured image courtesy Getty Images. This post has been updated.
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