The Norman Transcript

Headlines

Discussion

January 11, 2013

Obama picks Lew for Treasury post

By Jim Kuhnhenn Associated Press

WASHINGTON — For 30 years, Jack Lew has had a hand in some of the biggest economic deals negotiated in Washington. What awaits him if he’s confirmed as treasury secretary could far exceed any challenge of the past — a triple-decked potential crisis that will test his experience the moment he opens his office door on the third floor of the Treasury Building.

Lew, nominated for the job Thursday by President Barack Obama, has honed his skills in the trenches of fiscal policy, helping forge major deals encompassing Social Security and budgets for the likes of former Speaker Tip O’Neill and President Bill Clinton.

Obama highlighted that experience in announcing Lew’s selection, an unmistakable nod to the fast-approaching deadlines to raise the government borrowing limit, avert deep and immediate spending cuts and extend government operations.

“I trust his judgment,” Obama said. “I value his friendship. I know very few people with greater integrity.”

Flanked by Lew and outgoing Treasury Secretary Timothy Geithner in the White House’s ornate East Room, Obama in effect underscored the nation’s changing economic landscape. In Geithner, Obama had a longtime international finance specialist with the Treasury and the Federal Reserve who took office in 2009 at the height of the nation’s banking crisis. In Lew, currently the White House chief of staff, he has a premier budget expert and close ally as the government plunges into its next struggle over debts and deficits.

Of the three looming events that would confront him if confirmed, none has the potential for more economic damage than the debt ceiling. Failure to increase it from its current $16.4 trillion would force the government to default on its debts.

For local news and more, subscribe to The Norman Transcript Smart Edition, or our print edition.

Text Only | Photo Reprints
Headlines
  • Moore Tornado Moore open for business

    Until an EF-5 tornado carved a path through the economic core of Moore on Monday, sales tax generated more than $2 million each month. In addition to damages, closed roads and utility outages forced many businesses to shut their doors. ...

    May 25, 2013 1 Photo

  • Sharing stories of survival

    MOORE — As Monday’s EF-5 tornado moved closer to Plaza Towers Elementary School, teacher Justin Ayers knew they were in its path. Ayers said all of the teachers at the site likely knew what was coming from television reports and they had ...

    May 25, 2013

  • 5-year-old girl finds silver lining

    A twist of fate and the discovery of a cochlear implant from a Moore hospital damaged by Monday’s EF-5 tornado are part of the story of a precious 5-year-old girl. In December, Jayde Scholl was adopted by Tulsa audiologist Jacque Scholl. ...

    May 25, 2013

  • Carney residents recall tornado’s rampage

    CARNEY — It was like any other Sunday. Pastor Mark Davis led his congregation at First Baptist Church of Carney....

    May 26, 2013

  • Southmoore seniors experience bittersweet graduation

    OKLAHOMA CITY — Southmoore High’s Senior Class President Sarah Zubair said three things distinguish her graduating class — endurance, commitment and spirit. Graduation at the Cox Convention Center on Saturday afternoon was a a time of ...

    May 26, 2013

  • Tornado aftermath: Walking the path of destruction

    MOORE — The crying starts nearly every hour. There is no warning or preamble. Just an overall flow of tears and emotions....

    May 26, 2013

  • Protesters across globe rally against Monsanto

    LOS ANGELES — Protesters rallied in dozens of cities Saturday as part of a global protest against seed giant Monsanto and the genetically modified food it produces, organizers said. Organizers said “March Against Monsanto” protests were ...

    May 26, 2013

  • Disaster central

    WASHINGTON — Many states get hit frequently with tornadoes and other natural catastrophes, but Oklahoma is Disaster Central. The twister that devastated Moore was the 74th presidential disaster declared in the Sooner state in the past 60 ...

    May 25, 2013

  • Okla. legislature adjourned early

    OKLAHOMA CITY — Oklahoma lawmakers adjourned the 2013 Legislature on Friday one week earlier than required, wrapping up a session that saw Gov. Mary Fallin advance her agenda to reduce taxes and overhaul the state workers’ compensation ...

    May 25, 2013

  • I-5 bridge falls into river

    MOUNT VERNON — The trucker was hauling a load of drilling equipment when his load bumped against the steel framework over an Interstate 5 bridge. He looked in his rearview mirror and watched in horror as the span collapsed into the water ...

    May 25, 2013