Geithner Staying On at Treasury

ABC News' Tahman Bradley Reports:

Treasury Secretary Tim Geithner is staying put.

The secretary informed President Obama that he plans to say on in his position, ending speculation that the last member of President Obama's original economic team would depart.

Rumors swirled that Geithner would leave the administration after Congress raised the debt ceiling. The annoucement comes days after the major credit rating agency, S&P, downgraded the United States' credit rating.

In a statement, Assistant Treasury Secretary for Public Affairs Jenni LeCompte said Geithner "looks forward to the important work ahead on the challenges facing our great country."

The Obama administration routinely states that its actions helped prevent the economy from becoming even worse, but unemployment has remained high and growth low during the Obama presidency. Several prominent members of Obama’s economic team have departed such as Larry Summers, Christina Romer, Peter Orszag and Austan Goolsbee.

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