Geithner may leave Treasury post after debt talks

WASHINGTON - APRIL 5: U.S. Secretary of the Treasury Timothy F. Geithner speaks during a hearing of the Senate Appropriations Committee Financial Services and General Government Subcommittee on Capitol Hill April 5, 2011 in Washington, DC. Geithner appeared before the subcommittee to testify about the Obama administration's FY2012 budget request and also addressed questions about a possible government shutdown this Friday.
Photo by Brendan Smialowski/Getty Images

Updated 7:15 p.m. ET

PHILADELPHIA -- A person familiar with his thinking says Treasury Secretary Timothy Geithner is considering leaving the administration following the current round of budget negotiations. The source spoke to the Associated Press on condition of anonymity Thursday to discuss private deliberations.

CBS News has also learned that Geithner recognizes there is a window for him to leave after talks but he has not yet made a final decision and is focused on deficit talks for now.

Congress and the administration are working toward a deal on raising the nation's debt limit, which needs to happen by Aug. 2 to avoid unprecedented default on U.S. financial obligations.

Later Thursday, Geithner refuted the reports about his future.  He said he's staying put at the Treasury Department for the "foreseeable future," during an an appearance with former President Bill Clinton at a meeting of the Clinton Global Initiative in Chicago.

If he departs, Geithner would be the latest in a series of economic advisers to President Obama who've departed his administration more than halfway through his first term.