NEWS ABOUT: Jack Lew

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Jack Lew: US About to Default on Its Debt

Treasury secretary asks Congress to extend the debt limit

(Newser) - US Treasury Secretary Jack Lew sent a message to Congress today: To wit, we need more money, and fast. Lew warned lawmakers that they'd better raise the country's borrowing limit before the current debt-limit suspension expires on Friday and reinstates a $16.7 trillion cap, the BBC reports.... More »

Lew on Debt Ceiling Showdown: Never Again

'Cannot take a risk with the full faith and credit'

(Newser) - For lawmakers who might be getting used to last-minute debt ceiling showdowns, the country's Treasury secretary has a message: Not so fast, sunshine. "The message that we have to send going forward is that there was a turning point on Wednesday night and this won't happen again,... More »

Cruz: Tie Debt Ceiling to ObamaCare

Also thinks GOP is 'winning the argument'

(Newser) - Ted Cruz today called for "ways to mitigate the harms from ObamaCare," and he's looking squarely at you, debt ceiling showdown: "The debt ceiling historically has been among the best leverage that Congress has to rein in the executive," he said today on State of ... More »

Lew: The Government Runs Out of Money in 3 Weeks

Jack Lew says we need a debt ceiling deal by Oct. 17

(Newser) - Treasury Secretary Jack Lew today for the first time offered a debt ceiling deadline—and it's pretty soon. In a letter to John Boehner, Lew said the government will be unable to pay its bills unless Congress passes a debt limit bump by Oct. 17. On that day, the... More »

Lew: Do. Not. Mess. With. Debt Ceiling.

Treasury sec fires warning shot, says Obama won't negotiate with Congress in fall

(Newser) - Jack Lew has stern words for Republicans looking to pick a new fight this fall over raising the debt ceiling: Don't even think about it. "Congress can't let us default," the Treasury secretary said today, adding that the White House has been "crystal clear" that... More »

Medicare Fund Gets Less Dire Diagnosis

Trustees say it can keep paying benefits until 2026

(Newser) - Not a hoax, not a dream, not an imaginary story: Medicare is doing better financially than anyone thought. The main trust fund that funds the healthcare program has announced that it expects to be able to pay full benefits through 2026, two years longer than previously believed, the Wall Street ... More »

Treasury Knew About IRS Inquiry in 2012: Inspector

J. Russell George says top Treasury officials were briefed

(Newser) - Here's your daily dose of IRS "cover up" outrage fodder: The Treasury Department’s inspector general says he told top Treasury officials about the IRS probe in 2012, the New York Times reports. J. Russell George told the Congressional hearing today that he informed both members of the... More »

Jack Lew Working Hard to Keep This Off Our Dollar Bills

Treasury secretary's signature showing signs of improvement

(Newser) - Treasury Secretary Jacob Lew's loopy signature is showing signs of improvement as he gets ready to affix his "Jacob Lew" to the nation's currency. President Obama joked in January when he nominated Lew for the Treasury post that he had never noticed before how illegible Lew's... More »

Senate Confirms Jack Lew to Be Treasury Chief

He succeeds Geithner, has pretty cool signature

(Newser) - The Senate confirmed Jacob ("Jack") Lew to be Treasury secretary, affirming President Obama's choice of a budget expert at a time when Congress and the White House are at odds over sharp government spending cuts. The Senate voted 71-26 to support the nomination. Lew, 57, who had... More »

Senate Panel OKs Jack Lew

Treasury nominee now heads to full Senate

(Newser) - The Senate Finance Committee has given Jack Lew its stamp of approval, pushing forward his semi-contentious nomination as secretary of the Treasury by a 19-5 vote, reports Politico . Max Baucus, the panel's Democrat chairman, said ahead of the vote that Lew had answered all questions "in a thorough... More »

Woodward: This Is Obama's Sequester

He 'personally approved' the plan suggested by his own staffers

(Newser) - John Boehner and other Republicans have taken to calling the automatic spending cuts set to take effect in a week as the "president's sequester." It may sound like typical DC blame-shifting, but Republicans happen to be exactly right in this case, writes Bob Woodward in the Washington ... More »

Really? A Failed Citibanker for Treasury Secretary?

The Wall Street Journal isn't impressed by Jack Lew

(Newser) - Few Wall Street denizens were laughing during the 2008 financial crisis, but if someone had said the head of Citigroup's Alternative Investments unit would be Treasury Secretary in five years "the line would have brought the house down," a Wall Street Journal editorial quips today. Jack Lew'... More »

Obama Is Assembling a Lousy Cabinet

'Usual suspects' are uninspiring: David Rothkopf

(Newser) - John Kerry. Jack Lew. Chuck Hagel. John Brennan. All fine, capable men, writes David Rothkopf at the Washington Post . But taken together as the nucleus of President Obama's foreign policy team? Blah. What happened to the "team of rivals"? Instead, we're getting a Cabinet filled with... More »

Obama: Jack Lew Will Work on His Signature

President jokes he wants at least one legible letter

(Newser) - As expected , President Obama nominated chief of staff Jack Lew to replace Tim Geithner as Treasury secretary today. After ticking off the challenges of the first term, Obama said Geithner would go down in history as "one of our finest secretaries of the Treasury," reports Business Insider... More »

Coming Soon to Our Dollar Bills?

Jack Lew's signature is ... unique

(Newser) - Jacob (Jack) Lew is expected to replace Tim Geithner as treasury secretary, but much of the related chatter today is about his signature rather than fiscal policy. Why? Because as Kevin Roose at Daily Intel points out, the signature that might soon be gracing our paper currency looks like a... More »

Obama Will Pick Jack Lew to Replace Geithner: Source

He'll announce the pick tomorrow

(Newser) - President Obama will tomorrow name current Chief of Staff Jack Lew as his nominee for Treasury secretary, a source tells Bloomberg News . Obama has already offered the position to Lew, the source says. The move doesn't exactly come as a surprise; Lew, a former director of the Office of... More »

Geithner Leaving This Month: Report

Treasury chief expected to be gone before debt ceiling showdown

(Newser) - Another fight over the debt ceiling might be just around the bend, but a key member of the White House financial team won't be here to see it: Bloomberg reports that Treasury chief Timothy Geithner, who has long planned to leave his post, will do so at the end... More »

Obama Plans Drastic Cabinet Shake-Up

Clinton, Geithner, Panetta, Holder all could be gone

(Newser) - After a first term almost devoid of Cabinet shakeups, President Obama is now working on plans to replace virtually his entire team. Hillary Clinton and Tim Geithner have both publicly announced their exits, but Leon Panetta, Eric Holder, Ray LaHood, Steven Chu, Ken Salazaar, and Lisa Jackson are all expected... More »

Boehner: ObamaCare Has to Be 'Ripped Out'

Dems dodge calling penalty a 'tax'

(Newser) - To call the ObamaCare penalty a tax or not was the question dominating the talk show airwaves today, with John Boehner leading the charge with the dreaded T-word. "The American people ... do not want the government telling them what kind of insurance policy they have to buy, and how... More »

Obama's Chief of Staff Bill Daley Resigns

Jack Lew will replace him

(Newser) - William Daley is ending his tumultuous tenure with the Obama administration, stepping down as chief of staff to make way for current budget director Jack Lew, White House sources tell the LA Times . Daley handed in his letter of resignation last week, and President Obama will announce the move this... More »

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