Washington: 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 a bitter political fight over the government's budget.
Senators backed Lew with a 71-26 vote. All of the chamber's 53 Democrats voted for him. Some Republicans had expressed misgivings about Lew's perks from previous employers Citigroup and New York University.
Lew's most pressing task will be to find a compromise to lessen the economic blow from $85 billion in government spending cuts that are set to kick in on Friday.
But two more budget deadlines will quickly follow. Funds for most government operations expire on March 27, and the national debt will hit the U.S. government's borrowing limit on May 19, setting the stage for a default unless an agreement can be secured to raise the ceiling again.
Lew, who served as Obama's chief of staff before the president named him to succeed Timothy Geithner at the Treasury, has spent much of his career in Washington in public service.
He was previously White House budget director under both Obama and former President Bill Clinton.
By choosing him for the administration's top economic post, Obama signaled the importance he places on Washington's budget battles.
Now that he is confirmed, Lew is expected take the lead on difficult negotiations with Congress on how to trim U.S. budget deficits and keep a lid on $16.6 trillion U.S. national debt.
"If confirmed, we'll be entrusting Mr. Lew to oversee America's economic policy," said Senator Max Baucus, a Democrat who chairs the Finance Committee that vetted Lew for the job. "It is a great responsibility, one I believe Mr. Lew will live up to."
Senators backed Lew with a 71-26 vote. All of the chamber's 53 Democrats voted for him. Some Republicans had expressed misgivings about Lew's perks from previous employers Citigroup and New York University.
Lew's most pressing task will be to find a compromise to lessen the economic blow from $85 billion in government spending cuts that are set to kick in on Friday.
Lew, who served as Obama's chief of staff before the president named him to succeed Timothy Geithner at the Treasury, has spent much of his career in Washington in public service.
Advertisement
By choosing him for the administration's top economic post, Obama signaled the importance he places on Washington's budget battles.
Advertisement
"If confirmed, we'll be entrusting Mr. Lew to oversee America's economic policy," said Senator Max Baucus, a Democrat who chairs the Finance Committee that vetted Lew for the job. "It is a great responsibility, one I believe Mr. Lew will live up to."
Advertisement
© Thomson Reuters 2013
COMMENTS
Advertisement
India vs Zimbabwe Live Streaming 4th T20I Live Telecast: When And Where To Watch Match Live? India vs Zimbabwe 4th T20I Highlights: Yashasvi Jaiswal's Unbeaten 93 Guides India To Series-Clinching Win India's Predicted XI vs Zimbabwe, 4th T20I: Debut On The Cards For Chennai Super Kings Star? World's Largest Isolated Tribe Makes Rare Appearance In New Footage 1 Passenger Dies As 12 Coaches Of Chandigarh-Dibrugarh Express Derail In UP Why BJP Lost Lok Sabha Polls In Uttar Pradesh - 6 Reasons In Party Report US Legislation To Curb AI Deepfakes, Give Control Back To Creators Face Of History's "Cruellest Man" Re-Created 440 Years After His Death 1 Passenger Dies As 12 Coaches Of Chandigarh-Dibrugarh Express Derail In UP Track Latest News Live on NDTV.com and get news updates from India and around the world.