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Geithner decides not to step down

07-01-2011 14:08 BJT

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US Treasury Secretary Timothy Geithner says he is not stepping down in the "foreseeable future", amid reports he may resign after debt limit negotiations conclude.

Timothy Geithner says he is staying put.

He ended the speculation Thursday evening at a Clinton Global Initiative event.

Timothy Geithner, US Treasury Secretary, said, "I live for this work. It is the only thing I've ever done I believe in it. We have a lot of challenges as a country and I'm going to be doing it for the foreseeable future. People are a little worried or interested because I have a family and my son is going back to New York to finish high school and I'm going to be commuting for a while but I'm going to be doing this for the foreseeable future."

Geithner also warned of the dangers of not reaching a deal on the debt limit.

"What will happen is interest rates will rise we will have to pay more to borrow if we are still able to borrow and the cost of borrowing will rise across the country and across the world for every business every family. Equity prices will fall, value of savings will fall and you will see more people out of work more business fail and it will be unthinkably damaging to the economy, much more damaging than even what we faced in that dark period in '08 and '09" . Said Timothy Geithner.

Geithner is the last remaining top member of President Barack Obama's original economic team.


US Treasury Secretary Timothy Geithner says he is not stepping down in the "foreseeable future", amid reports he may resign after debt limit negotiations conclude.

Editor:Zheng Limin |Source: CNTV.CN

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