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
  • Downside of low U.S. mortgage rates? Less selling

    Would-be home sellers across the country are grappling with a once-in-a-lifetime problem: They have mortgage rates so absurdly low it would hurt them financially to sell.

    July 11, 2014

  • Inventor pushes solar panels for roads, highways

    The solar panels that Idaho inventor Scott Brusaw has built aren’t meant for rooftops. They are meant for roads, driveways, parking lots, bike trails and, eventually, highways.

    July 11, 2014

  • House Republicans move ahead on suing president

    House Republicans took the initial step on Thursday to sue President Barack Obama over the administration’s decision to delay the employer mandate of the health care law.
    The office of Speaker John Boehner, R-Ohio, released a draft of the resolution that would authorize the House to file suit amid GOP criticism that the president has declined to faithfully execute the laws of the country.

    July 11, 2014

  • Five men sue over anti-terror info-sharing program

    Five California men who say they came under police scrutiny for innocent behavior sued the Obama administration Thursday over an information-sharing program designed by the federal government to help flag potential terrorist activity in the wake of the Sept. 11, 2001, terrorist attacks.

    July 11, 2014

  • Possible compromise could address immigration crisis

    Outlines of a possible compromise that would more quickly deport minors arriving from Central America emerged Thursday as part of President Barack Obama’s $3.7 billion emergency request to address the immigration crisis on the nation’s southern border.

    July 10, 2014

  • ‘Stand-down’ contentions are being undermined

    The testimony of nine military officers undermines contentions by Republican lawmakers that a “stand-down order” held back military assets that could have saved the U.S. ambassador and three other Americans killed at a diplomatic outpost and CIA annex in Benghazi, Libya.

    July 10, 2014

  • New York to offer free lunch to all middle-school students

    New York's $75 billion spending plan for the fiscal year that began last week includes the first step toward offering free lunch for all 1.1 million students, expanding a program now reserved only for the city's poorest children.

    July 10, 2014

  • ‘Game of Thrones’ earns a leading 19 Emmy nods

    The fantasy saga “Game of Thrones,” defying the Emmy Awards’ grudging respect for genre fare, emerged as the leader in the nominations announced Thursday with 19 bids, including best drama series.

    July 10, 2014

  • Border surge overwhelming, Obama officials tell Congress

    Tens of thousands of children streaming from chaotic Central American nations to the U.S. border have overwhelmed the government’s ability to respond, senior Obama administration officials testified Wednesday as they urged senators to agree to the president’s emergency spending request for the crisis.

    July 10, 2014

  • Screen Shot 2014-07-08 at 11.46.13 AM.png VIDEO: Foiled beach gear theft goes viral

    Video capturing a bizarre confrontation with two women allegedly attempting to steal beach gear on a Florida beach has gone viral.

    July 9, 2014 1 Photo

House Ads
Featured Ads