Treasury Secretary Timothy F. Geithner has allegedly told White House officials that he is considering exiting his administration post after President Barack Obama and Congress come to an agreement on the nation's debt limit. Bloomberg's Hans Nichols has more:
Geithner hasn’t made a final decision and won’t 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.
The Treasury secretary has said the U.S. risks defaulting on its obligations if Congress doesn’t raise the $14.3 trillion debt ceiling by Aug. 2. The administration and congressional Republicans are at an impasse in negotiations to raise the limit, which also is tied to efforts to cut the nation’s long- term deficit.
According to three sources, Geithner, 49, has made it known that he needs a break from the federal government following the nation's fiscal turmoil in the wake of the collapse of Wall Street firms. Additionally, sources say that family obligations and considerations are at play in his decision. Nichols has more:
If Geithner does leave the administration, Obama would be losing a member of his economic team who understands Washington institutions and the New York banking world as well as the intricacies of the Chinese economy. Geithner has pressed the Chinese to let their currency appreciate faster to reduce the global imbalances that both he and Obama have blamed for financial uncertainty.
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