Treasury Secretary Timothy Geithner is expected to step down if President Obama wins a second term.

Word on the street, according to the Wall Street Journal, is that White House Chief of Staff Jacob Lew and former chief of staff to President Clinton Erskine Bowles are on the short list of potential Treasury Secretary replacements.

The incoming Treasury Secretary will be facing a fiscal cliff right off the bat with the nation heading into a new year where automatic tax and spending cuts kick in unless Congress is able to cut a deal.

Economists have warned a failure to reach a deal could push the nation into another recession.