Geithner heading to Europe

The Treasury announced Friday that Geithner would be powwowing with "senior government officials" in Europe as the continent continues to grapple with an economic crisis that poses a major threat to the U.S. recovery.

On Monday, Geithner will meet privately with German Finance Minister Wolfgang Schäuble, following that up with an evening meet with Mario Draghi, president of the European Central Bank. Draghi drove a stock rally Thursday when he said he would do whatever it takes to save the euro, and the rally spilled into Friday as Draghi reportedly planned to meet with German banking officials to discuss ways to provide relief to the eurozone.

While U.S. officials, including Geithner, have insisted that Europe has the ability to handle the crisis on its own, the president's top economic adviser recently identified the crisis as "the biggest risk to our economy."

Testifying before the House and Senate banking committees this week, Geithner said Europe's woes are worsening the global economic slowdown and are weighing on the United States. He added that if conditions worsened, America's rocky recovery could be thrown off track.

"A severe crisis in Europe would necessarily have very substantial, adverse effects on the United States," he said in his testimony.