Senate Approves Jack Lew as New Treasury Chief

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By Reuters

Published February 27, 2013.

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 political brawls over the government’s budget.

Senators backed Lew 71-26, with all 53 Democrats voting in favor.

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

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

Lew was Obama’s chief of staff before the president named him to succeed Timothy Geithner at the Treasury, and has spent much of his career in Washington in public service. He was previously White House budget director under Obama and former President Bill Clinton.

“As my chief of staff, Jack was by my side as we confronted our nation’s toughest challenges,” Obama said after the Senate vote. “His reputation as a master of fiscal issues who can work with leaders on both sides of the aisle has already helped him succeed in some of the toughest jobs in Washington.”

Lew is expected take the lead on difficult talks with Congress on how to trim U.S. budget deficits and keep a lid on $16.6 trillion U.S. national debt.

STAFF MENTALITY?

Lew, 57, led talks with Congress in 2011 that averted a U.S. debt default. At the time, he antagonized Republicans and even some Democrats with his unwavering defense of government-run benefit programs.



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