Reporting from Washington — Treasury Secretary Timothy F. Geithner will not be stepping down, ending speculation that the key Obama administration advisor was preparing to resign.
"Secretary Geithner has let the president know that he plans to stay on in his position at Treasury. He looks forward to the important work ahead on the challenges facing our great country," Jenni LeCompte, assistant secretary for public affairs, said Sunday.
President Obama asked Geithner to stay and "welcomes his decision," said White House Press Secretary Jay Carney. Geithner is expected to remain as Treasury secretary at least until fall 2012.
Geithner's decision means Obama will avoid a difficult Senate confirmation fight to fill the position amid financial market turmoil that could be further roiled by Standard & Poor's decision Friday to downgrade the U.S. credit rating.