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Friday, July 01, 2011

Welcome To The Unemployment Line

Treasury Secretary Timothy F. Geithner has signaled to White House officials that he’s considering leaving the administration after President Barack Obama reaches an agreement with Congress to raise the national debt limit, according to three people familiar with the matter.

Geithner hasn’t made a final decision and won’t do so until the debt ceiling issue has been resolved, according to one of the people. All spoke on condition of anonymity to discuss private discussions.

The Treasury secretary has said the U.S. risks defaulting on its obligations if Congress doesn’t raise the $14.3 trillion debt ceiling by Aug. 2. The administration and congressional Republicans are at an impasse in negotiations to raise the limit, which also is tied to efforts to cut the nation’s long- term deficit.

An exit by Geithner would complete the turnover in Obama’s original economic team, with Council of Economic Advisers Chairman Austan Goolsbee scheduled to leave in early August to return to the University of Chicago.

That would leave Obama with two key posts to fill as Republicans are seeking to turn the 2012 election into a referendum on Obama’s handling of the economy and the recovery is slowing. The unemployment rate rose to 9.1 percent in May, according to the Labor Department, and the U.S. economy grew at a 1.9 percent pace in the first quarter, according to Commerce Department figures released June 24.

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3 comments:

  1. Purely speculation but, when the head of the IMF was arrested for rape in NY, it was stated that he had an appointment in Washington. He never made that appointment as he decided to (try to) fly back home instead. Who would be important enough in Washington for him to travel there to meet? Now we hear that Geithner is considering leaving.

    Hmmmmmm......

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  2. Good Riddance!
    The tax cheater fool had no clue! just like Obama!

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  3. Another rat abandons the sinking ship.

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