In June, the Treasury Department announced that Treasury Secretary Tim Geithner was considering resigning once the debt crisis was averted. With the debt limit deal passed yesterday, the speculation of his departure date is once again making the airwaves.
Leaving now would allow Geithner to leave on a much better note than he could have, but could also create a vacancy in an important cabinet position in an already weak economy. Do you think now is the best time for Geithner to resign? Let us know what you think in the comments.
As explained by National Journal's Stacy Kaper,
Given the fragile fiscal and political dynamics, analysts said Obama would need to nominate a successor with seasoned experience who could inspire market confidence and easily attract enough Republican support to clear the Senate, where a number of Obama nominees have been blocked by the GOP. [...]
Obama has seemed satisfied with Geithner’s leadership and for continuity’s sake some expect he would try and convince Geithner to stay. However many have said that if Geithner wants to go, now is the time. With the debt deal done and more budget and tax battles looming, the the long August congressional recess, when Washington slows down, would be an opportune time before Obama’s reelection campaign heats up.
On the one hand, Geithner leaving would allow President Obama to appoint a fresh, centrist face to steer his campaign in the centrist direction, but there is also some pressure for Geithner to stay given the fragile economy and no time for on-the-job training of a new appointee.
Geithner is the last of Obama's original economic advisors to still hold his post. One possible pick for his replacement is former New Jersey governor and senator Jon Corzine. Being a former senator, it would predictably be a much quicker confirmation process than someone outside of the political realm.
Do you think now is a good time for Geithner to resign? Who do you think Obama will appoint in his place?
