President Barack Obama, in an effort to rejuvenate the battered US economy, will nominate his Chief-of-Staff and budget specialist Jack Lew as the next Treasury Secretary.
The 57-year-old, if confirmed by the Senate, will replace Timothy Geithner, who has announced his decision to quit the Obama Cabinet by January end, White House official familiar with the process said.
‘Jack Lew will bring an impressive record of service in both the public and private sectors for over three decades and economic expertise to this important role, and his deep knowledge of domestic and international economic issues will enable him to take on the challenges facing our economy at home and abroad on day one,’ said the official, explaining the reasons behind Lew’s selection.
Lew will be nominated tonight, the official said.
‘Throughout his career, Jack Lew has proven a successful and effective advocate for middle class families who can build bipartisan consensus to implement proven economic policies,’ the official said.
‘As White House Chief of Staff, Jack Lew led the President’s team in tackling some of the toughest domestic and international economic challenges facing our nation in decades,’ the official said, adding that included strengthening nation’s recovery from the worst economic crisis since the Great Depression to dealing with serious fiscal matters and challenges in the global economy.
‘He also led the Office of Management and Budget under President Clinton and President Obama, negotiating a historic agreement with Congress during the Clinton administration to balance the federal budget and leading the negotiations of the bipartisan Budget Control Act in 2011, which brought discretionary spending to historically low levels,’ he said.
‘OPEN TO MINTING $ 1 TRILLION COIN’
The White House has not categorically ruled out the possibility of minting a $ 1 trillion coin if the US Congress fails to raise the debt limit. ‘Look, there is no Plan B. There is no backup plan. There is Congress’ responsibility to pay the bills of the US,’ the White House Press Secretary Jay Carney said, when asked if the 14th Amendment gives Barack Obama Administration the power to mint a $1 trillion coin.
The 57-year-old, if confirmed by the Senate, will replace Timothy Geithner, who has announced his decision to quit the Obama Cabinet by January end, White House official familiar with the process said.
‘Jack Lew will bring an impressive record of service in both the public and private sectors for over three decades and economic expertise to this important role, and his deep knowledge of domestic and international economic issues will enable him to take on the challenges facing our economy at home and abroad on day one,’ said the official, explaining the reasons behind Lew’s selection.
Lew will be nominated tonight, the official said.
‘Throughout his career, Jack Lew has proven a successful and effective advocate for middle class families who can build bipartisan consensus to implement proven economic policies,’ the official said.
‘As White House Chief of Staff, Jack Lew led the President’s team in tackling some of the toughest domestic and international economic challenges facing our nation in decades,’ the official said, adding that included strengthening nation’s recovery from the worst economic crisis since the Great Depression to dealing with serious fiscal matters and challenges in the global economy.
‘He also led the Office of Management and Budget under President Clinton and President Obama, negotiating a historic agreement with Congress during the Clinton administration to balance the federal budget and leading the negotiations of the bipartisan Budget Control Act in 2011, which brought discretionary spending to historically low levels,’ he said.
‘OPEN TO MINTING $ 1 TRILLION COIN’
The White House has not categorically ruled out the possibility of minting a $ 1 trillion coin if the US Congress fails to raise the debt limit. ‘Look, there is no Plan B. There is no backup plan. There is Congress’ responsibility to pay the bills of the US,’ the White House Press Secretary Jay Carney said, when asked if the 14th Amendment gives Barack Obama Administration the power to mint a $1 trillion coin.