The Norman Transcript

Headlines

January 11, 2013

Obama picks Lew for Treasury post

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.

1
Text Only | Photo Reprints
Headlines
  • Body 1 Police identify woman found dead Monday

    Norman police have identified a woman found dead in her home at 2202 Donna Drive Monday afternoon. Police responded at 1:25 p.m. to the residence of Cassandra Thompson, 30, after receiving a report that she had not shown up for work ...

    July 29, 2014 1 Photo

  • Residents speak out about document regarding shelter photos

    Norman and metro-area residents showed up in overwhelming numbers, many in red shirts, for an Animal Shelter Oversight Board meeting Monday night demanding for their opinions to be heard....

    July 29, 2014

  • Mixon’s attorney says athlete acted in self-defense

    The attorney for Oklahoma running back Joe Mixon says the incident that left a 20-year-old female OU student with multiple facial fractures was a case of self-defense. “This past Friday morning, Joe Mixon found himself in a situation ...

    July 29, 2014

  • Cool snap brings heat relief to Oklahoma, Arkansas

    OKLAHOMA CITY — The dog days of summer are coming in with a whimper. Weather forecasters say a cold front headed for Oklahoma and Arkansas will bring unseasonably cool temperatures and a chance of rain through next week....

    July 29, 2014

  • Be ready for ‘prolonged’ Gaza war, prime minister says

    GAZA CITY, Gaza Strip — Signaling an escalation of Israel’s Gaza operation, Prime Minister Benjamin Netanyahu told Israelis Monday to be ready for a “prolonged” war, and the military warned Palestinians in three large neighborhoods to ...

    July 29, 2014

  • FBI defends search for Oklahoma City bombing video

    SALT LAKE CITY — The FBI thoroughly searched its archives and found no evidence that more videos of the Oklahoma City bombing exist, agency employees told a judge Monday in a trial that has rekindled questions about whether any others were ...

    July 29, 2014

  • County moves forward on nursing home bonds

    Cleveland County commissioners on Monday approved a resolution authoring a county trust to issue up to $15 million for a nursing home on the site of the former Whispering Pines nursing home at 501 E. Robinson St....

    July 29, 2014

  • Deal to improve health care costs $17B

    WASHINGTON — A bipartisan deal announced Monday would authorize about $17 billion to help veterans avoid long waits for health care, hire more doctors and nurses to treat veterans and make it easier to fire executives at the Department of ...

    July 29, 2014

  • Breast Care Center will relocate to HealthPlex

    The Norman Regional Health System will move its Breast Care Center to the HealthPlex campus, making it more accessible for patients, hospital officials said Monday. At its monthly board meeting, the Norman Regional Hospital Authority ...

    July 29, 2014

  • Little Axe Health Center hosting blood drive

    Norman-area blood donors this summer will not only save lives when they donate with Oklahoma Blood Institute (OBI), they’ll also get “Feel Cool” T-shirts and two tickets to the Oklahoma City Zoo....

    July 29, 2014