Geithner staying at Treasury into 2013

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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.