Tim Geithner is probably bailing on the debt ceiling debate

Tim Geithner doesn’t know much about taxes. But what he does know is that he doesn’t know how to do them. Which might be why he announced today that he’s quitting his job as Treasury Secretary before this year’s taxes come due, since the IRS is so confused it may not be able to even accept your returns until late March.

Or it could just be because Treasury Timmeh would like nothing more than to be as far away as possible from Washington DC when this whole debt ceiling debate that the Democrats are absolutely refusing to have happens.

Treasury Secretary Timothy F. Geithner plans to leave the administration at the end of January, even if President Barack Obama and congressional Republicans haven’t reached an agreement to raise the debt ceiling, according to two people familiar with the matter.

After giving in to Obama’s previous entreaties to stay as long as needed, Geithner has indicated to White House officials and Wall Street executives that he is unlikely to change his departure plans this time, increasing pressure on the president to name his successor at Treasury, said the people, who requested anonymity to discuss the private talks.

Tim is the only member of the fiscal team left from 2008’s bailout-palooza, and his leaving will mark a change in the administration’s economic policy to one that is almost completely run by Larry Summers. Thankfully, Wall Street will now be able to welcome him home with open arms, as thanks to quick and quiet Congressional action, it is no longer wrong for members of Congress to obtain extra special mortgages from lobbyists for big banks that specialize in collapsing the real estate market. So there’s plenty of room for someone who has little experience navigating the same average tax laws as the hoi polloi.

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