Are Summers & Geithner Leaving?

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Langhorne, Pennsylvania 

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At Monday's town hall in Washington, President Obama was asked whether his top economic adviser, Larry Summers, and his Treasury secretary, Tim Geithner, would be staying through the end of this term. Obama's answer makes one think the answer is no:

Well, look, I -- I have not made any determinations about personnel.  I think Larry Summers and Tim Geithner have done an outstanding job, as have my whole economic team. This is tough, the work that they do.  They've been at it for two years.  And, you know, they're going to have a whole range of decisions about family that'll factor into this as well. But the bottom line is -- is that we're constantly thinking, is what we're doing working as well as it could?  Do we have other options and other alternatives that we can explore?

So: Council of Economic Advisors chair Christina Romer and budget director Peter Orszag have already left. Chief of Staff Rahm Emanuel and National Security Advisor Jim Jones are almost certain to leave shortly after Nov. 2. And now it looks like Summers and Geithner may join them in the private sector. On the one hand, Republicans will chortle that the rats are fleeing a sinking ship. They may be right. Or have the rats been shoved overboard? Could this mean that Obama is ruthless enough to act, after Nov. 2, to change staff, change course, and try to save his presidency?

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The 2001 and 2003 tax cuts expire on January 1. President Obama wants to extend the current rates for households making less than $250,000, limiting the increase to the rich. Republicans say raising taxes in a weak economy is a mistake, full stop. And guess what, plenty of rank and file Democrats agree with them. Who says bipartisanship is dead?

Langhorne, Pennsylvania 

With the midterm elections less than two months away, the prospects for a Republican takeover of the House of Representatives are very good. But could they be better? Shouldn't the party put forward a positive agenda, akin to 1994's Contract with America, if it wants to repeat the sweeping victories it enjoyed that year?

At Monday's town hall in Washington, President Obama was asked whether his top economic adviser, Larry Summers, and his Treasury secretary, Tim Geithner, would be staying through the end of this term. Obama's answer makes one think the answer is no:

Well, look, I -- I have not made any determinations about personnel.  I think Larry Summers and Tim Geithner have done an outstanding job, as have my whole economic team. This is tough, the work that they do.  They've been at it for two years.  And, you know, they're going to have a whole range of decisions about family that'll factor into this as well. But the bottom line is -- is that we're constantly thinking, is what we're doing working as well as it could?  Do we have other options and other alternatives that we can explore?

So: Council of Economic Advisors chair Christina Romer and budget director Peter Orszag have already left. Chief of Staff Rahm Emanuel and National Security Advisor Jim Jones are almost certain to leave shortly after Nov. 2. And now it looks like Summers and Geithner may join them in the private sector. On the one hand, Republicans will chortle that the rats are fleeing a sinking ship. They may be right. Or have the rats been shoved overboard? Could this mean that Obama is ruthless enough to act, after Nov. 2, to change staff, change course, and try to save his presidency?

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