Senate Confirms Lew as New Treasury Chief

Wednesday, 27 Feb 2013 06:46 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
The U.S. Senate on Wednesday confirmed Jack Lew as President Barack Obama's new Treasury secretary, putting the former White House chief of staff in the middle of a bitter political fight over the government's budget.

Senators backed Lew with a 71-26 vote. All of the chamber's 53 Democrats voted for him. Some Republicans had expressed misgivings about Lew's perks from previous employers Citigroup and New York University.

Lew's most pressing task will be to find a compromise to lessen the economic blow from $85 billion in government spending cuts that are set to kick in on Friday.

But two more budget deadlines will quickly follow. Funds for most government operations expire on March 27, and the national debt will hit the U.S. government's borrowing limit on May 19, setting the stage for a default unless an agreement can be secured to raise the ceiling again.

Lew, who served as Obama's chief of staff before the president named him to succeed Timothy Geithner at the Treasury, has spent much of his career in Washington in public service.

He was previously White House budget director under both Obama and former President Bill Clinton.

By choosing him for the administration's top economic post, Obama signaled the importance he places on Washington's budget battles.

Now that he is confirmed, Lew is expected take the lead on difficult negotiations with Congress on how to trim U.S. budget deficits and keep a lid on $16.6 trillion U.S. national debt.

"If confirmed, we'll be entrusting Mr. Lew to oversee America's economic policy," said Senator Max Baucus, a Democrat who chairs the Finance Committee that vetted Lew for the job. "It is a great responsibility, one I believe Mr. Lew will live up to." 

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Doctor with Franklin Graham Charity Who Contracted Ebola in Grave Condition

Monday, 28 Jul 2014 19:36 PM

Kent Brantly always wanted to be a medical missionary, and he took the work seriously, spending months treating a steady . . .

Sessions: Obama Move on Illegals Would 'Alter Constitutional Framework'

Monday, 28 Jul 2014 14:28 PM

Congress must act immediately to stop President Barack Obama's proposed use of executive power to help millions of illeg . . .

Washington Post: Obama's Agenda Misfiring on All Cylinders

Monday, 28 Jul 2014 19:16 PM

President Barack Obama declared 2014 a "year of action," but it's been anything but, with his lofty State of the Union g . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved