Following reports that Treasury Secreatary Timothy Geithner may not return for President Obama's second term, the Washington Post [5] reports that the president is expected to be nominate Jacob Lew for the position this week.
Lew, the White House chief of staff, was also a behind-the-scenes fixture during the Clinton administration and served as chief operating officer for New York University and Citigroup, among other organizations.
Lew previously served as Obama's budget director and a senior State Department official. He also was budget director during the Clinton administration and has been negotiating bipartisan compromises over taxes and spending since the 1980s, when he was a top aide to then-House Speaker Thomas P. "Tip" O'Neill Jr. (D-Mass.) ...
Lew will be taking over Treasury at a time of serious challenges to the nation's economic picture. Congress is facing a battle over raising the $16.4 trillion debt limit, as well as a clash over how to stop deep spending cuts, which are set to take effect in early March. A continuing resolution funding the government expires later that month, setting the stage for battle that could lead to a government shutdown.
The nomination also means that Obama will have to choose a new chief of staff. Ron Klain, a former chief of staff to Vice President Biden, is among the rumored candidates, as is Denis McDonough, a deputy national security adviser.
Lew's nomination is the latest as Obama rounds out his second-term team. This week, he nominated former senator Chuck Hagel (R-Neb.) as his next secretary of defense and counterterrorism adviser John O. Brennan as director of the CIA.
Read more at the Washington Post [5].
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