Tim Geithner Could Step Down Following Debt Debate
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Treasury Secretary Timothy F. Geithner may be stepping down should President Obama reach an agreement with Congress to raise the national debt limit.
Bloomberg, citing people familiar with the matter, is saying Geithner hasn't made a firm decision yet, but is likely to decide upon resolution of the matter. Family considerations are taking a role in the matter, as Geither has told associates that he "needs a break" from government service following the financial meltdown that occurred nearly three years ago.
Geither has expressed that the U.S. may default on its obligations should Congress not raise the debt ceiling above the $14.3 trillion by August 2nd.
On June 2nd, Moody's said it could place the U.S. Aaa credit rating under review for a possible downgrade if there wasn't any progress on the debt limit by mid-July. Fitch made similar claims, but extended its time frame to August 2nd.
Finally, Geithner leaving would complete a full turnover in Obama's economic team, leaving Obama with two key posts to fill heading into 2012 elections.
Bloomberg, citing people familiar with the matter, is saying Geithner hasn't made a firm decision yet, but is likely to decide upon resolution of the matter. Family considerations are taking a role in the matter, as Geither has told associates that he "needs a break" from government service following the financial meltdown that occurred nearly three years ago.
Geither has expressed that the U.S. may default on its obligations should Congress not raise the debt ceiling above the $14.3 trillion by August 2nd.
On June 2nd, Moody's said it could place the U.S. Aaa credit rating under review for a possible downgrade if there wasn't any progress on the debt limit by mid-July. Fitch made similar claims, but extended its time frame to August 2nd.
Finally, Geithner leaving would complete a full turnover in Obama's economic team, leaving Obama with two key posts to fill heading into 2012 elections.
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