Obama’s Treasury Appointment Shows He’s Gearing Up to Pick a Fight
Much to the displeasure of financial regulation supporters, Lew went on to say that he did not think that Wall Street’s problems had much to do with deregulation, saying that in his opinion derivatives and too much leverage had a bigger role in the financial crisis.
“He’s not viewed as hostile to the business community, like most policymakers are,” an anonymous financial industry leader said in an interview last year for the National Journal. “From an industry standpoint, we could do a heck of a lot worse,” the banker said.
Lew’s appointment as Treasury secretary could be a sign that Obama values his experience negotiating with Congress and sends a signal that he will prioritize budget and tax policy negotiations in his second term.
The debt limit talks will be the first in a series of negotiations this year between Republicans and the Obama administration over the budget and spending. Last week’s budget deal temporarily postponed the automatic spending cuts that would have become effective Jan. 1 and extended the government’s ability to borrow money until the end of February unless an agreement is reached before then.
While Obama has said he will not bargain over the debt ceiling, Republicans – such as Senate Minority Leader Mitch McConnell (R-Ky.) – have said they want to link it to spending cuts. In an op-ed published Friday, Senate Minority Whip John Cornyn (R-Texas) said that Republicans should be prepared to force a partial government shutdown to extract concessions from Democrats on entitlement reform and spending cuts.
“It may be necessary to partially shut down the government in order to secure the long-term fiscal well being of our country, rather than plod along the path of Greece, Italy and Spain,” Cornyn wrote. “President Obama needs to take note of this reality and put forward a plan to avoid it immediately.”
If confirmed by the Senate, Lew would have to immediately get to work on three important negotiations resulting from the short-term “fiscal cliff” resolution. He will have to deal with the nation’s debt ceiling, nail down the 2013 budget, and decide whether spending cuts mandated by the 2011 Budget Control Act should be changed.
Despite weeks of speculation about Lew’s nomination, Republicans have not signaled that they plan to mount the same opposition they raised for Obama’s nomination of Chuck Hagel as secretary of Defense and the potential nomination of Susan E. Rice for secretary of State, which fell through.
The appointment also means that Obama will have to make another addition to his cabinet, as he will have to find what would be his fifth White House chief of staff.
UPDATE: Lew nomination unites right, far left in opposition
U.S. Attorney’s office protected Rezko friend Dr. Ronald Michael
http://illinoispaytoplay.com/2013/01/09/u-s-attorneys-office-protected-rezko-friend-dr-ronald-michael/
Can’t help but feel like US politics is like reading Mad magazine. “What, me worry?”
“Michael Barr, a former assistant secretary of the Treasury for Financial Institutions under Obama… said that Lew would do a terrific job keeping the nation on the path of financial reform.
Should read “on the path of financial collapse”.
While it gives me no pleasure to mention this, the fact that someone believes that the nation is or has been on the path of financial reform must be deranged.
too early a post. Sen. Jeff Sessions already came out “NO”. I recall the word liar was used.
meanwhile, what will Sen. Elizabeth Warren do or say?
Dodd-Frank needs almost as much reform as ACA, and who thinks Lew will focus on Dodd-Frank?
Tough talk from Sessions. But given the Senate’s record of having only blocked nine Cabinet nominees in its entire history, Sessions’s objections appear to be little more than hot air. If republicans want to ultimately have a say on the composition of the Presidents cabinet a good start would be to win the election.
Nice one. heh.
“You had to attack civilians, the people, women, children, unknown people far from any political game. The reason was quite simple – to force the people to turn to the state for greater security.” – Vincenzo Vinciguerra
Breitbart article says Lew has been running around claiming it takes 60 votes in Senate to pass a budget and that’s why they haven’t – and that this is wrong.
http://www.breitbart.com/Big-Government/2013/01/09/Sen-Sessions-Jack-Lew-Must-Never-Be-Secretary-of-Treasury
I like Lew’s resume – MUCH better than Geithner’s – but being sycophant to Obama and then this kind of claim, if true, … well it’s the Obamanation so wtf.
“Jack has experience negotiating balanced budgets with a Republican Congress.” per Michael Barr. What balanced budget? We are in an alternative reality and words have lost their meaning.
I’ve seen Jack Lew on TV and he has his talking points wired. He is an excellent propagandist without a conscience. He is the perfect man for this administration. The media will fawn all over him and be gracious unto him, just like Dear Leader.
Partial shutdown is the only answer for the Republican Congress to hold power, otherwise they will remain a paper gnat.
Sorry, this is just reflexive opposition to anyone Obama nominates. Hagel, Kerry, Brennnn, Lew… This isn’t serious opposition and is worth nothing. Lew will be the next Treasury Secretary. Figure out how to work with him. Or go ahead, destroy the guy and then try to deal with him when he is in office; you’ll get the big finger. Ask Bibi how well that worked. I tell this to my kids all the time (when dealing with their teachers) and even they get it.