The Lookout

Geithner said to be mulling stepping down after debt crisis

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Treasury Secretary Tim Geithner

Treasury Secretary Tim Geithner is considering leaving office once the crisis over the debt ceiling has been resolved, according to several reports sourced to people close to him.

Geithner, a former president of the New York Fed, got off to a rocky start in the post, amid questions over his payment of taxes, and a poor reception for his plan to stabilize the banks. But several recent reports have suggested that his influence and standing within the administration have been on the rise.

He is said to have been a key voice in favor of focusing on deficit reduction, while other advisers had argued that the administration should be doing more to boost growth and create jobs.

If Congress doesn't vote to raise the $14.3 trillion debt ceiling by August 2, the United States will risk defaulting on its debt. Republicans have been insisting on massive spending cuts, and no tax hikes, before they'll agree to support a raise in the ceiling.

The top White House economic adviser, Austan Goolsbee, is scheduled to leave in early August.

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