The Times West Virginian

Headline News

January 11, 2013

Obama nominates Lew to lead Treasury

WASHINGTON — For 30 years, Jack Lew has had a hand in some of the biggest economic deals negotiated in Washington. What awaits him if he’s confirmed as treasury secretary could far exceed any challenge of the past — a triple-decked potential crisis that will test his experience the moment he opens his office door on the third floor of the Treasury Building

Lew, nominated for the job Thursday by President Barack Obama, has honed his skills in the trenches of fiscal policy, helping forge major deals encompassing Social Security and budgets for the likes of former Speaker Tip O’Neill and President Bill Clinton.

Obama highlighted that experience in announcing Lew’s selection, an unmistakable nod to the fast-approaching deadlines to raise the government borrowing limit, avert deep and immediate spending cuts and extend government operations.

“I trust his judgment,” Obama said. “I value his friendship. I know very few people with greater integrity.”

Flanked by Lew and outgoing Treasury Secretary Timothy Geithner in the White House’s ornate East Room, Obama in effect underscored the nation’s changing economic landscape. In Geithner, Obama had a longtime banking and monetary policy specialist with the Treasury and the Federal Reserve who took office in 2009 at the height of the nation’s financial crisis. In Lew, he has a premier budget expert as the government plunges into its next struggle over debts and deficits.

Of the three looming events that would confront him if confirmed none has the potential for more economic damage than the debt ceiling. Failure to increase it from its current $16.4 trillion would force the government to default on its debts, an unprecedented event. Republicans have demanded spending cuts in exchange for raising the debt ceiling. Obama has vowed not to negotiate over the nation’s ability to pay its obligations.

It’s the kind of standoff that doesn’t simply require budget knowledge, but also negotiating skill. Obama praised Lew for exemplifying both.

“Over the years, he’s built a reputation as a master of policy who can work with members of both parties and forge principled compromises,” Obama said.

But House Republican officials who negotiated with Obama’s team over a debt ceiling deal in the summer of 2011 described Lew as unyielding, saying he displayed a greater desire to persuade than to negotiate and to use what they considered budget gimmicks to show cuts in spending.

1
Text Only
Headline News
  • Obama voices skepticism on Russia in Ukraine

    President Barack Obama conveyed skepticism Thursday about Russian promises to de-escalate a volatile situation in Ukraine, and said the United State and its allies are ready to impose fresh sanctions if Moscow doesn’t make good on its commitments.

    April 18, 2014

  • President defending health-care law good for some Democrats

    President Barack Obama’s full-throated defense of his health-care overhaul seems perfectly timed for Democrats who want their party to embrace the law more enthusiastically.
    At a White House news conference Thursday, Obama noted that health insurance enrollments under the new law are higher than expected, and costs are lower.

    April 18, 2014

  • Deal reached on calming Ukraine tensions — for now

    In a surprise accord, Ukraine and Russia agreed Thursday on tentative steps to halt violence and calm tensions along their shared border after more than a month of Cold War-style military posturing triggered by Moscow’s annexation of Crimea.

    April 18, 2014

  • Boston Marathon organizers confident of safe race

    The arrest of a man with a rice cooker in his backpack near the Boston Marathon finish line led police to step up patrols Wednesday, while organizers sought to assure the city and runners of a safe race next week.
    The actions of the man, whose mother said he had a mental disorder, rattled nerves as Boston prepared for the annual race, but authorities said they did not consider it a security breach.

    April 17, 2014

  • Screen Shot 2014-04-16 at 12.51.22 PM.png VIDEO: Toddler climbs into vending machine

    A child is safe after climbing into and getting stuck inside a claw crane machine at a Lincoln, Neb., bowling alley Monday.

    April 16, 2014 1 Photo

  • Solemn tributes mark Boston Marathon bombing anniversary

    Survivors, first responders and relatives of those killed in the Boston Marathon bombing marked the anniversary Tuesday with tributes that combined sorrow over the loss of innocent victims with pride over the city’s resilience in the face of a terror attack.

    April 16, 2014

  • Questions linger year after Boston Marathon bombs

    A surveillance video shows a man prosecutors say is Dzhokhar Tsarnaev placing a bomb near the finish line of the Boston Marathon, just yards from where an 8-year-old boy was killed when it exploded.

    April 15, 2014

  • Little sign of progress as Obama, Putin speak

    Speaking for the first time in more than two weeks, President Barack Obama and Russian President Vladimir Putin showed little sign of agreement Monday, with the U.S. leader urging pro-Russian forces to de-escalate the situation in eastern Ukraine and Putin denying that Moscow was interfering in the region.

    April 15, 2014

  • 3 dead after suburban Kansas City shooting

    A man opened fire outside a Jewish community center on Sunday, killing two people before driving over to a retirement community a few blocks away and killing someone else, authorities said.

    April 14, 2014

  • Couple: Truck was on fire before deadly bus crash

    A couple said a FedEx tractor-trailer was already on fire when it careened across a median, sideswiped their car and slammed into a bus carrying high school students, adding a new twist to the investigation of a crash that killed 10 people.
    Initial reports by police indicated the truck swerved to avoid a sedan that was traveling in the same direction in this town about 100 miles north of Sacramento, then went across the median. There was no mention of the truck being on fire.

    April 13, 2014

House Ads
Featured Ads