Geithner says he won't serve second term

Treasury Secretary Timothy Geithner participates in the National Journal's live summit on making America competitive in the global economy, Thursday Sept. 22, 2011, in Washington. (AP Photo Manuel Balce Ceneta) Manuel Balce Ceneta

Treasury Secretary Timothy Geithner.
Manuel Balce Ceneta

Updated: 5:37 p.m. ET

Treasury Secretary Timothy Geithner will not plan a second term, CBS News confirmed on Wednesday.

Geithner, speaking in an interview with Bloomberg Television on Wednesday, said he thought President Obama will get elected to a second term, but that he would move on to "something else."

"He's not going to ask me to stay on, I'm pretty confident," Geithner told Bloomberg TV in an interview. "I'm confident he'll be president. But I'm also confident he's going to have the privilege of having another secretary of the Treasury."

Geithner did not specify his plans for the future, other than to say they would involve "something else for me."

The secretary reportedly considered leaving his post last summer, following Congress's deal to raise the debt limit, but was convinced to stay through 2012 amid continued economic turmoil.

A Treasury source calls the announcement "old news."

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