Lew to Treasury: Word Tomorrow

Photograph by Pete Souza/The White House via Getty Images

President Barack Obama speaks with Chief of Staff Jack Lew while waiting for Russian President Vladimir Putin to arrive for their bilateral meeting on June 18, 2012 in San Jose Del Cabo, Mexico.

President Barack Obama plans tomorrow to name White House Chief of Staff Jack Lew as his choice for Treasury secretary, replacing Timothy F. Geithner, a person familiar with the process said.

Lew, 57, who also has served as director of the Office of Management and Budget, has been offered the Treasury post by Obama, according to the person, who asked for anonymity to discuss personnel matters.

Geithner, 51, the only remaining member of Obama’s original economic team, has told White House officials he doesn’t’ want to serve in a second term and intends to leave the job by the end of the month.

Lew’s nomination as Treasury secretary is subject to confirmation by the Senate.

The next Treasury secretary will play a leading role in working with Congress to raise the government’s $16.4 trillion  debt ceiling. The U.S. reached the statutory limit on Dec. 31, and the Treasury Department began using extraordinary measures to finance the government. It will exhaust that avenue as early as mid-February, the Congressional Budget Office says.

As a former aide to the late House Speaker Tip O’Neill, a Massachusetts Democrat, and a two-time director of the Office of Management and Budget, Lew has experience on both ends of Pennsylvania Avenue. He’s spent most of his career in government, with a brief detour to Wall Street, where he worked as a managing director for Citigroup from July 2006 until joining the administration when Obama first took office.

Among the leading candidates to replace Lew as Obama’s chief of staff are Denis McDonough, currently a deputy national security adviser, and Ron Klain, who had served as Vice President Joe Biden’s chief of staff, according to people familiar with the administration’s plans.

See the full  Lew story reported first at Bloomberg.com.

 

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