TribLIVE

| USWorld


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Obama chooses Lew to head Treasury

REUTERS
White House Chief of Staff Jack Lew listens at a bipartisan meeting with Congressional leaders in the Roosevelt Room of White House to discuss the economy, in this November 16, 2012, file photo. U.S. President Barack Obama will nominate White House chief of staff Jack Lew as his next Treasury secretary on January 10, 2013, replacing Timothy Geithner, according to a source familiar with the matter. REUTERS/Larry Downing/Files (UNITED STATES - Tags: POLITICS HEADSHOT)

About The Tribune-Review
The Tribune-Review can be reached via e-mail or at 412-321-6460.
Contact Us | Video | Photo Reprints

Daily Photo Galleries


By From Wire Reports

Published: Wednesday, Jan. 9, 2013, 10:00 p.m.

WASHINGTON — President Obama recently said he would love to hire a top executive into his administration. But for the job of Treasury secretary, he didn't pick a corporate executive, a famous economist or a former politician — he tapped his trusted adviser, White House Chief of Staff Jacob Lew, an expert on the nation's ongoing budget wars.

Obama chose Lew to take over from Treasury Secretary Timothy Geithner, the president's longest-serving economic adviser, according to two people familiar with the pick. The selection of Lew signals that Obama's second term will not initially focus on big new ideas to create jobs or expand government investment in the economy.

Rather, it will involve a sustained conflict with congressional Republicans over the nation's finances. The government is likely to face a deadline to raise the $16.4 trillion federal debt ceiling no later than March 1 — as well as a series of deep and automatic spending cuts known as sequestration set to begin about the same time.

These battles will once again pit Democrats' economic vision against that of Republicans. Democrats say they want to raise taxes on the wealthy to shrink the deficit but reduce government spending sparingly so as to preserve funding for domestic priorities such as education. Republicans oppose new taxes, saying they would crimp economic growth, and favor deep cuts to spending.

The composition of Obama's second term Cabinet became clearer Wednesday, with Labor Secretary Hilda Solis resigning and three other members of the president's team deciding to stay on amid concerns about diversity in Obama's inner circle.

Solis, a former California congresswoman and one of the highest-ranking Hispanics in the Cabinet, said she was departing after leading the department during the economic storms of the first term. She was the nation's first Hispanic labor secretary.

A White House official said three Cabinet members — Attorney General Eric Holder, Health and Human Services Secretary Kathleen Sebelius and Veterans Affairs Secretary Eric Shinseki — would stay on as the second term begins. It would ensure diversity among the president's leadership team — Holder is black, Sebelius is a woman and Shinseki is of Japanese-American descent.

 

 
 


Show commenting policy

Most-Read Nation

  1. SpaceX supply ship makes Easter cargo delivery to space station
  2. Grandmother left vengeful note in boys’ slayings, then committed suicide, police say
  3. Iranian envoy officially blocked by law
  4. Judge strikes down Minnesota’s anti-coal law as unconstitutional
  5. Feds to require 2-person crews on freight trains hauling crude oil
  6. Dangers of Heartbleed bug grow every day
  7. Colorado deaths stoke marijuana worries
  8. Medicaid paid $12M for Illinois dead, audit finds
Subscribe today! Click here for our subscription offers.