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Jacob Lew

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BUSINESS
April 17, 2013 | By Don Lee
WASHINGTON -- As the new U.S. Treasury secretary, Jacob J. Lew is taking up a familiar and so-far thankless task: trying to persuade top European officials to shift from austerity to more growth-oriented economic policies. That was a major focus of Lew's first swing through Europe last week as Treasury head, and on Wednesday in Washington, he again pushed the message, albeit gingerly. In a speech, Lew contrasted the divergent post-recession fortunes of the U.S. and Europe, noting that the American economy had grown for 14 straight quarters and added millions of jobs, while the Eurozone's output had fallen over the last five quarters and some of its member countries are battling extremely high unemployment.
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BUSINESS
March 26, 2014 | By Jim Puzzanghera, This post has been updated. See the note below for details.
WASHINGTON -- Treasury Secretary Jacob J. Lew had successful outpatient surgery on Tuesday but remained at a New York area hospital overnight because of a low-grade fever, a Treasury Department spokeswoman said. Lew, 58, underwent the procedure to treat a benign enlarged prostate. The plan was for him to recuperate at his New York home for the rest of this week before returning to his normal schedule. The surgery at an unnamed hospital went well, and Lew was resting comfortably after the procedure, Treasury spokeswoman Natalie Wyeth Earnest said Tuesday afternoon.
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NEWS
January 10, 2013 | By Kathleen Hennessey
WASHINGTON - President Obama nominated White House Chief of Staff Jacob J. Lew to lead the Treasury Department on Thursday, saying the longtime Washington operator and unassuming budget wonk would focus on the battles over the federal budget that are likely to consume the much of Obama's second term. In brief remarks in the East Room, Obama highlighted Lew's past experience negotiating budget deals, first as an aide to Speaker of the House Thomas P. β€œTip” O'Neill Jr. and then as budget director for President Clinton.
BUSINESS
September 17, 2013 | By Jim Puzzanghera
WASHINGTON - As the nation fast approaches its debt limit, Treasury Secretary Jacob J. Lew issued his strongest warning yet to Congress about the economic consequences of waiting until just before the deadline to pass an increase. "Trying to time a debt-limit increase to the last minute could be very dangerous," Lew told the Economic Club of Washington on Tuesday. "We cannot afford for Congress to gamble with the full faith and credit of the United States of America. " Republicans are balking at raising the $16.7-trillion debt limit, which Congress must do by as early as mid-October, unless the Obama administration agrees to major concessions including deep spending cuts and a delay in implementing the healthcare reform law. During a meeting last week, House Speaker John A. Boehner (R-Ohio)
NATIONAL
January 13, 2012 | By Peter Nicholas, Washington Bureau
With the appointment of Jacob Lew as his new chief of staff, President Obama chose a Washington veteran who is well-liked on Capitol Hill, but β€” just as important for dealing with hostile Republicans in a election year β€” is also an expert on the executive powers Obama can use to advance his agenda without lawmakers' cooperation. Lew, who replaces William M. Daley, steps into the role after a year of fierce partisan battles that saw Obama's policy goals largely stalled in Congress.
NATIONAL
January 9, 2012 | By Christi Parsons and Peter Nicholas, Washington Bureau
After a frustrating year of setbacks and bruising fights with Republicans, President Obama accepted the resignation of Chief of Staff William Daley and turned to a Washington veteran in an attempt to improve White House operations and the administration's dealings with Congress. Obama announced Monday that Daley, who three months ago said he would remain in the post until after the 2012 election, would be replaced by budget director Jacob Lew, whose White House experience dates to President Clinton's administration.
NATIONAL
July 14, 2010 | Peter Nicholas
Dogged by whopping federal deficits, President Obama reached into the Clinton administration Tuesday for a new budget director who helped produce balanced budgets and surpluses a decade ago. Obama announced that he was nominating Jacob Lew as director of the Office of Management and Budget to replace outgoing chief Peter R. Orszag. Lew, who held the post under former President Clinton, must be confirmed by the Senate. Lew's experience managing private investments could be a sticking point, but the White House downplayed that issue Tuesday.
NATIONAL
February 15, 2011 | By Paul West, Washington Bureau
President Obama's latest spending blueprint is more political road map than problem solver, another in a string of pragmatic moves aimed squarely at independent voters. Make no mistake: This budget won't be the one Congress approves. But it represents an attempt by Obama to hold the line on gains from the first half of his term, now that Republicans share power in Washington. It does so by following a "triangulation" strategy borrowed from President Clinton, while largely ducking the country's most serious fiscal threat: unsustainable spending for benefits like Medicare, Medicaid and Social Security.
NATIONAL
February 14, 2011 | By Andrew Zajac, Washington Bureau
President Obama on Monday will propose a new federal budget that is $90 billion smaller than the one he offered last year and includes a combination of cuts and revenue increases aimed at chopping $1.1 trillion from the deficit in 10 years. The president's $3.73-trillion spending plan cuts many popular programs while increasing spending in selected education and infrastructure programs designed to bolster the nation's economic competitiveness. It seeks to shrink the deficit from an estimated 7% of gross domestic product this year to 3.2% in 2015, maintaining it at roughly that level through 2021.
NATIONAL
December 1, 2010 | By Kathleen Hennessey, Christi Parsons and Lisa Mascaro, Tribune Washington Bureau
In their first sit-down since the power-shifting elections last month, President Obama and Republican leaders in Congress agreed Tuesday on a way to negotiate the fate of expiring tax cuts ? the issue likely to set the tone for the relationship between the president and his newly empowered opposition. The White House meeting took place after earlier delays and with election-year calls for party solidarity still fresh. As a result, expectations were low for any significant breakthrough on the most pressing questions of taxes, budgets, an arms treaty with Russia and the continuation of benefits for the unemployed.
BUSINESS
April 17, 2013 | By Don Lee
WASHINGTON -- As the new U.S. Treasury secretary, Jacob J. Lew is taking up a familiar and so-far thankless task: trying to persuade top European officials to shift from austerity to more growth-oriented economic policies. That was a major focus of Lew's first swing through Europe last week as Treasury head, and on Wednesday in Washington, he again pushed the message, albeit gingerly. In a speech, Lew contrasted the divergent post-recession fortunes of the U.S. and Europe, noting that the American economy had grown for 14 straight quarters and added millions of jobs, while the Eurozone's output had fallen over the last five quarters and some of its member countries are battling extremely high unemployment.
BUSINESS
February 27, 2013 | By Jim Puzzanghera
WASHINGTON -- The Senate on Wednesday confirmed Jacob J. Lew as Treasury secretary, allowing the longtime budget expert to take office as President Obama deals with looming automatic federal spending cuts. Lew, 57, was approved by a 71-26 vote. He succeeds Timothy F. Geithner, who stepped down in January after four years in the job. Lew brings different expertise to the job than Geithner, who had a deep background dealing with financial markets and Wall Street. For his second Treasury secretary, Obama chose a person with a long history of crafting budgets and helping negotiate spending deals with Republicans in Congress.
BUSINESS
February 25, 2013 | By Jim Puzzanghera
WASHINGTON -- A Senate committee is expected to vote to confirm Jacob J. Lew's nomination to be Treasury secretary on Tuesday, setting the stage for his confirmation by the full Senate in the coming days. Lew, the former White House chief of staff, would succeed Timothy F. Geithner and would be a key player in budget negotiations between President Obama and congressional Republicans as automatic federal spending cuts are set to begin on Friday. Senate Finance Committee Chairman Max Baucus (D-Mont.)
BUSINESS
February 13, 2013 | By Jim Puzzanghera
WASHINGTON -- Treasury secretary nominee Jacob J. Lew told senators Wednesday that his top priority was to boost the economic recovery while also grappling with the nation's growing debt. In his confirmation hearing before the Senate Finance Committee, Lew warned that automatic government spending cuts coming March 1 would damage the recovery. And he called for Democrats and Republicans to work together to improve the economy, citing his history of working across party lines. "In recent years, some have argued that Washington is irrevocably broken, that our government cannot tackle the nation's most serious problems, that bipartisanship is a thing of the past.
BUSINESS
February 13, 2013 | By Jim Puzzanghera, Los Angeles Times
WASHINGTON - Republican senators hit Treasury secretary nominee Jacob J. Lew with tough questions about his tenure as a top executive at Citigroup Inc. in the years leading up to the financial crisis, but the former White House chief of staff appeared to avoid any major controversy that could derail his confirmation. "Frankly, I think you've done really well," Sen. Orrin Hatch (R-Utah), one of the most aggressive questioners, told Lew at the end of his three-hour confirmation hearing Wednesday.
BUSINESS
February 13, 2013 | By Jim Puzzanghera
WASHINGTON -- Treasury Secretary nominee Jacob J. Lew on Wednesday faced tough questions from Republican senators about his tenure as a top executive at Citigroup Inc. in the years leading up to the financial crisis. Lew was criticized for not knowing more about the investment strategy of two Citi units for which he was chief operating officer from 2006 to 2009. Republicans also hit him for an investment in the Cayman Islands and accepting a $944,518 payout from Citigroup in early 2009, just days before the company received an expanded bailout from the federal government's Troubled Asset Relief Program.
BUSINESS
February 27, 2013 | By Jim Puzzanghera
WASHINGTON -- The Senate on Wednesday confirmed Jacob J. Lew as Treasury secretary, allowing the longtime budget expert to take office as President Obama deals with looming automatic federal spending cuts. Lew, 57, was approved by a 71-26 vote. He succeeds Timothy F. Geithner, who stepped down in January after four years in the job. Lew brings different expertise to the job than Geithner, who had a deep background dealing with financial markets and Wall Street. For his second Treasury secretary, Obama chose a person with a long history of crafting budgets and helping negotiate spending deals with Republicans in Congress.
BUSINESS
March 26, 2014 | By Jim Puzzanghera, This post has been updated. See the note below for details.
WASHINGTON -- Treasury Secretary Jacob J. Lew had successful outpatient surgery on Tuesday but remained at a New York area hospital overnight because of a low-grade fever, a Treasury Department spokeswoman said. Lew, 58, underwent the procedure to treat a benign enlarged prostate. The plan was for him to recuperate at his New York home for the rest of this week before returning to his normal schedule. The surgery at an unnamed hospital went well, and Lew was resting comfortably after the procedure, Treasury spokeswoman Natalie Wyeth Earnest said Tuesday afternoon.
NATIONAL
January 25, 2013 | By Kathleen Hennessey, Washington Bureau
WASHINGTON - President Obama selected a close aide and foreign policy advisor as his next chief of staff on Friday, part of a White House shake-up that signaled the president intends to rely on familiar faces in his second term. Denis McDonough, a deputy national security advisor and a longtime aide to the president, will replace outgoing Chief of Staff Jacob J. Lew, Obama's nominee to lead the Treasury Department. Unlike Lew, McDonough comes to the job from the Obama inner circle, knowing his boss and his colleagues well.
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