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US Treasury’s Geithner to stay on ‘until autumn of 2012’

US Treasury secretary Tim Geithner is to stay in the role until at least the autumn of 2012, putting an end to rumours he planned to step down after the country’s debt deal was struck last week, according to reports.

While negotiations on Capitol Hill over raising America’s debt ceiling were ongoing, Treasury officials refused to comment of Geithner’s future. However, according to CNN, the department released a statement yesterday confirming he was staying.

It says: “Secretary Geithner has let the President know that he plans to stay on in his position at Treasury.”

The report adds an Obama administration told the American news outlet that Geithner will stay until the autumn of 2012, meaning he will not need to be replaced until after the next Presidential election.

White House spokesman Jay Carney says: “The President asked Secretary Geithner to stay on at Treasury and welcomes his decision.”

Obama will be hoping for some more positive news this week. The US’s credit rating was downgraded from AAA to AA+ on Friday by credit ratings agency Standard and Poor’s. The US Treasury attacked the accompanying report which it says contains “a basic math error of significant consequence” after S&P overestimated US debt levels by $2trn. Moody’s maintained its AAA rating but cut its outlook for US debt from stable to negative.

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