President Barack Obama's former chief of staff Jack Lew was confirmed Wednesday as the next US Treasury secretary, taking over a key portfolio at a time of deadlock over the US budget and debt.
New picks to lead the Pentagon and the US Treasury face key hurdles Tuesday in the Senate, as President Barack Obama fleshes out his second-term cabinet amid trying times for defense and finance.
The US Senate Finance Committee said it will vote Tuesday on the appointment of Jack Lew -- who played an active role in talks that led to massive looming spending cuts -- as Treasury secretary.
US Treasury Secretary Timothy Geithner, who steered the administration of President Barack Obama through the financial crisis, will step down from his post Friday, a source told AFP on Tuesday.
The president's $447 billion plan for tax incentives and infrastructure spending to create new jobs would be paid for by adjusting the tax rates of wealthy Americans, such as hedge funds managers and corporate jet owners, laying the burden of continued economic recovery at the feet of those who've seen its only benefits over the last two years.
