Tim Geithner To Resign Before Debt Ceiling Fight


Treasury Secretary Timothy Geithner is resigning, even if no debt ceiling deal is worked out by the end of the month. Knowing how things are done in Washington, DC these days it’s doubtful any agreement will be reached before his departure.

Treasury Secretary Timothy F. Geithner finds himself in a familiar position: eager to resume life outside government and facing contentious negotiations with Congress over raising the federal debt ceiling.

The last time he was in this predicament, in June 2011, President Barack Obama persuaded him to stay. This time, Geithner has indicated to White House officials he wants to carry through with his plan to leave the administration by the end of this month, even if a deal on the debt limit isn’t in place, according to two people familiar with the matter
Geithner’s departure would increase pressure on the president to name his successor at Treasury. White House Chief of Staff Jack Lew remains the leading contender for the Treasury job, according to the people, who requested anonymity to discuss the private talks.

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.

Read the whole thing. It sounds like Obama may be having trouble finding anyone to fill the position. Gee, I can’t understand why anyone wouldn’t want to put his reputation on the line and join Obama’s economic team.

Update: Linked by Big Pulpit – thanks!