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JACK LEW NOMINATED TREASURY SECRETARY BY PRESIDENT OBAMA.

PRESIDENT BARACK OBAMA HAS NAMED JACOB « JACK » LEW AS HIS NEW TREASURY SECRETARY. JACK LEW IS REPLACING TREASURY SECRETARY TIMOTHY GEITHNER.

LEW WAS THE WHITE HOUSE CHIEF OF STAFF AND A FORMER BUDGET DIRECTOR FOR OBAMA AND PRESIDENT BILL CLINTON.

TREASURY SECRETARY IS A PIVOTAL POST AS NEGOTIATIONS COMMENCE OVER RAISING THE US DEBT CEILING AND STAVING OFF SCHEDULED CUTS IN FEDERAL SPENDING.

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