Treasury's debt limit guru announces exit

Mary Miller, a top official at the Treasury Department who played a crucial role in steering the nation’s debt obligations during heated debt-limit fights, is stepping down.

A Treasury representative confirmed Thursday that Miller, who has been with the department since 2010 as the under secretary for domestic finance, would leave the agency in September.

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In that role, Miller was in charged of managing the United States’ debt obligations during many tumultuous times, keeping the nation current on its payments as Congressional battles drew it incredibly close to its borrowing cap. It was Miller’s responsibility to deploy the Treasury’s “extraordinary measures,” in which the agency shifted funds and adjusted policies to remain current on bills when space under the borrowing cap ran out.

She also played a role in helping the agency implement the Dodd-Frank financial reform law, coordinating with other regulators in the process.

“From the debt limit debates and the intricacies of debt management to financial reform and housing finance, Mary has been committed to strengthening our country, improving our financial system and lifting obstacles for working Americans,” said Treasury Secretary Jack Lew in a statement. “I know that our country is far better off for all that she has accomplished."

A full-time replacement for Miller would require Senate confirmation. Miller gave several months of advance notice for her exit in order to ensure a smooth transition to either an acting official or one nominated by the White House and confirmed by the Senate, according to a source familiar with her thinking.