Geithner staying at Treasury into 2013

Treasury Secretary Timothy Geithner plans to stay on in his current position at least until President Obama officially begins his second term.

"Secretary Geithner has indicated that he will stay on through inauguration," White House press secretary Jay Carney said Friday. "He will obviously be a key participant in the negotiations around the so-called 'fiscal cliff' issues, and the president very much appreciates that."

Geithner previously had said he did not plan to stay on for the president's second term, but he never gave a specific date for his departure. And with the combination of automatic spending cuts and expiring tax rates that make up the fiscal cliff looming, set to it Jan. 2, many wondered exactly when the president would be looking to replace one of his closest economic advisers.

No successor has been named to replace Geithner, but White House Chief of Staff Jack Lew is believed to be a favorite for the position. Another name thought to be under consideration is Erskine Bowles, who was former President Clinton's chief of staff and is the co-author of a sweeping deficit-reduction plan alongside former Sen. Alan Simpson (R-Wyo.). Larry Fink, chairman and chief executive of the investment firm BlackRock, is also rumored to be a candidate.

The president could promote from within the Treasury to replace Geithner. Treasury Deputy Secretary Neal Wolin and Lael Brainard, the Treasury's under secretary for international affairs, are thought to be potential internal candidates.

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