Two turns as director of the White House Office of Management and Budget. White House chief of staff. High-level Hill experience going back decades. And a lucrative spell in the private sector advising Wall Street giant Citigroup. It's no wonder President Barack Obama is choosing Jack Lew as treasury secretary.
Bloomberg, Politico and other news outlets report that Lew, currently Obama's chief of staff, is the president's choice to replace departing Treasury Secretary Timothy Geithner.
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.
Lew helped President Bill Clinton strike the 1997 balanced budget accord as a top official at the Office of Management and Budget, the agency he has since run for both presidents. And Lew played an important role in the contentious 2011 debt ceiling debate.
Via Bloomberg and Politico.