facebook
twitter
rss
account
search
search
 

Geithner to stay at Treasury for now

Nov. 10, 2012 at 10:41 AM   |   Comments

| License Photo
WASHINGTON, Nov. 10 (UPI) -- The White House said U.S. Treasury Secretary Timothy Geithner would remain at his post at least until President Obama's second inauguration on Jan. 21.

"Secretary Geithner has indicated he'll stay on through inauguration and he will be a key participant in the negotiations around the so-called fiscal cliff issue," White House press secretary Jay Carney said.

"The president very much appreciates that."

Geithner will focus in his last months in office on preventing what has come to be known as the fiscal cliff -- a combination of mandated federal spending cuts and the end of income tax rate cuts enacted during the administration of President George W. Bush that will come to a head Jan. 2, CNNMoney reported Saturday.

Many economists say allowing the spending cuts to occur and the tax rates to rise would plunge the economy into a recession, one that might be far worse than the Great Recession that ended in June 2009.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
GM recalls 221,000 Cadillacs and Impalas GM recalls 221,000 Cadillacs and Impalas
2
New National Security Cutter delivered to Coast Guard New National Security Cutter delivered to Coast Guard
3
First MT30 engine for Korean Navy frigates passes acceptance tests First MT30 engine for Korean Navy frigates passes acceptance tests
4
Ukraine's State Guard Service receives armored personnel carriers Ukraine's State Guard Service receives armored personnel carriers
5
Navy's Triton surveillance drone flies cross-country Navy's Triton surveillance drone flies cross-country
Trending News
Video
x
Feedback