Obama to pick Jack Lew as Treasury Dept. head - WXOW News 19 La Crosse, WI – News, Weather and Sports |

Obama to pick Jack Lew as Treasury Dept. head

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WASHINGTON (AP) - White House chief of staff Jack Lew is President Barack Obama's expected pick to lead the Treasury Department, with an announcement possible before the end of the week, as the administration moves to fill the most critical jobs in the Cabinet.

White House officials would not confirm that a final decision had been made. But aides did not dispute that Lew is emerging as the consensus choice.

Lew would bring to the Treasury Department a wide range of experiences in both the public and private sector. He has spent much of his career mastering the mechanics of the federal budget, including two stints at the helm of the Office of Management and Budget, once under Obama and also under former President Bill Clinton.

That background could help shape the Obama administration's strategy in its forthcoming talks with congressional Republicans over the federal debt ceiling. Republicans are expected to demand deep budget cuts as the price of agreeing to raise the debt ceiling. The federal debt limit is expected to be tapped out sometime in February.

Obama is about to begin his second term in office with new secretaries of state, defense and treasury. He has nominated Sen. John Kerry of Massachusetts to succeed Hillary Rodham Clinton at State and former Sen. Chuck Hagel at the Pentagon. He also has proposed John Brennan as the new CIA director.

The 57-year-old Lew would also bring private sector and international experience to Treasury Department. He has held top jobs at Citigroup's wealth management branch and at the State Department, where he oversaw international economic issues in his first job for Obama.

A person familiar with the selection process said that experience was particularly important to the president, given the treasury secretary's key role in coordinating with European allies on the continent's debt crisis, among other global financial matters.

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