Jack Lew to replace Geithner

President Obama will nominate Jack Lew to replace the outgoing Timothy Geithner as U.S. Treasury secretary, the Associated Press reported this week. Lew, who is currently White House chief of staff, has also served as director of the Office of Management and Budget and has spent most of his career in government. He worked as a managing director for Citigroup from 2006 to 2008. If Lew is quickly approved by the Senate, his first job will be to negotiate with Congress in coming months over raising the nation’s $16.4 trillion debt ceiling. Geithner, the sole remaining member of Obama’s original economic team, has said he plans to leave his post by the end of January.