Treasury Secretary may step down

Washington: Treasury Secretary Timothy Geithner is considering stepping down later this year, but will not make a decision until contentious negotiations over the US debt ceiling are completed.

Geithner said he would remain in his Treasury post “for the foreseeable future” and sidestepped a direct question about his career plans after a flurry of media reports that he was mulling leaving the Obama administration.

“I’ve only worked in public service. I live for this work. It’s the only thing I’ve ever done, I believe in it,” Geithner said. “We have a lot of challenges as a country, and I’m going to be doing it for the foreseeable future.”

Geithner is the last senior member of President Barack Obama’s original economic team. He has faced intense criticism, including calls for his resignation, but has prevailed to win a reputation as a steady hand amid turbulent times.

“We hate to say it but this looks like the ‘A’ team is resigning without anyone credible coming off the bench to win the game,” said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi in New York.

“These will be very big shoes to fill.”