Sunday, July 3, 2011

US treasury secretary mulls quitting

US Treasury Secretary Timothy F. Geithner

Source: Press TV

US Treasury Secretary Timothy F. Geithner has served notice to the country's president of his intention to leave his post as early as this summer, anonymous sources close to the issue disclose.

In office since 2008, Geithner is believed to have signaled his desire to step down as early as this summer to US President Barack Obama in a private conversation with him, reports The Washington Post.

However, he is said to have delayed a definitive decision on the matter until the outcome of the congressional controversy over the huge US national debt.

The American Republican and Democratic parties do not see eye to eye on how to contain the countries' massive 14-trillion-dollar-debt. Geithner had earlier warned that unless necessary measures are taken by August 2, a catastrophic default would be on the horizon.

Should Geithner decide to relieve himself of duties in the government, Obama would face a challenging time appointing and obtaining legislative confirmation for the would-be replacement in the throes of the 2012 election campaign.

Geithner's departure would also come at a time of falling recovery and high unemployment rates, giving Obama further cause for distress.

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