Obama called Lew, above, a man of integrity and experience who would continue Geithner’s work as Treasury secretary.
“We need a treasury secretary who is prepared to stand up to corporate America and their powerful lobbyists and fight for policies that protect the working families in our country. I do not believe Mr. Lew is that person,” he said.
Senate Finance Chairman Max Baucus, D-Mont., noted Lew’s “immense experience” and promised a “speedy but thorough” process through his committee.
Sen. Orrin G. Hatch of Utah, the ranking Republican on Finance, said he had an open mind but wants more answers on how the administration will tackle the deficit.
“As I told the president yesterday, it’s imperative that Mr. Lew outline the administration’s plans on tackling our unsustainable debt, what areas of federal spending should be cut, and what kind of reforms — from our tax code to our entitlement programs —are needed to get our fiscal house in order,” Hatch said in a statement. “Since Mr. Lew participated in numerous budget negotiations with Congress and with four consecutive years of over $1 trillion deficits, the American people deserve to know not only that this nominee is qualified for the job, but also what policies the White House supports to get federal spending under control.”
Vice President Joe Biden waits to conduct a mock swearing-in ceremony with Sen. Brian Schatz, D-Hawaii, in the Capitol's Old Senate Chamber, December 2, 2014. Schatz was sworn in to serve the remainder of his term since he was appointed to the seat after Sen. Daniel Inouye, D-Hawaii, passed away.