WASHINGTON (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.