Treasury Secretary Timothy Geithner will remain in the position at President Barack Obama's request, according to Reuters.
Geithner considered stepping down after the government borrowing limit was raised.
"I love my work. And I think if a president asks you to serve, you have to do it," Geithner told NBC/CNBC in an interview.
Geithner said there stil a lot of work to do, as officlals will now need to look at the unemployment rate -- which is above nine percent -- and the U.S. economy is still a little shaky following a one-level downgrade from its triple-A credit rating by Standard and Poor's. Standard & Poor's downgraded U.S. debt, late Friday.
Geithner had indicated he might leave after a debt-ceiling increase was approved, partly because his family was returning to New York, where his son is planning to attend his final year of high school this autumn.But administration officials had signaled that both Obama and White House chief of staff William Daley had urged him not to leave now, according to Reuters.
"The president asked Secretary Geithner to stay on at Treasury and welcomes his decision," White House spokesman Jay Carney said in a statement.