US Treasury Secretary to Stay in Post for “Foreseeable Future”

Posted June 30th, 2011 at 10:05 pm (UTC-5)
Leave a comment

U.S. Treasury Secretary Timothy Geithner says he has no immediate plans to resign, addressing media reports he is considering stepping down after the current round of debt ceiling negotiations.

He says the United States is facing a lot of challenges that he is going to help solve “for the foreseeable future.” He says he has never worked any other place but in public service.

Geithner was questioned Thursday about his plans by former U.S. President Bill Clinton at an event in Chicago.

Earlier Thursday, U.S. media outlets led by Bloomberg News reported that Geithner may leave his post once President Barack Obama reaches a deal with Congress to raise the U.S. debt ceiling.

The United States risks defaulting on its $14.3 trillion national debt unless Congress acts to raise the legal limit on the amount the U.S. government is allowed to borrow by August 2.

Geithner has warned the U.S. could face “catastrophic consequences” if lawmakers fail to raise the debt limit.

Talks between the White House and Republican lawmakers on the debt ceiling issue have been contentious. Negotiations stalled last week after Republican lawmakers walked out of the sessions chaired by Vice President Joe Biden. They said the White House was using the crisis to push for tax increases.

Republicans, who control the House of Representatives, say they will not raise the debt ceiling without deep spending cuts. Democrats say Republicans are holding the debt ceiling vote hostage to an ultra-conservative fiscal agenda the Republicans could never enact on their own.