Report: American Express CEO considered for Treasury Secretary

Scott Pelley speaks with American Express CEO Ken Chenault about the failure of the Congressional supercommittee and Washington's problems handling the economy.

Speculation over the cabinet shuffle continues. The CEO of American Express, Kenneth Chenault, is being considered to replace Treasury Secretary Timothy Geithner, Blooomberg News reports.

Geithner has indicated he will step down from the top spot at Treasury early next year. White House Chief of Staff Jack Lew is considered a top contender, Bloomberg reports, but the Obama administration has discussed the possibility with Chenault, who Mr. Obama knows well, as he is a big Democratic donor and serves on the president's jobs council.

Other cabinet positions that are expected to turn over - Secretary of State and Defense Secretary. Sen. John Kerry, D-Mass., is a top contender to replace Hillary Clinton as Secretary of State, CBS News has reported. As for Defense, former Sen. Chuck Hagel, R-Neb., is reportedly being considered as a replacement for Leon Panetta, who's expected to step down next year.

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    Leigh Ann Caldwell is a political reporter for CBSNews.com.

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