Lew, Bowles Rumored To Replace Treasury's Geithner | WAMU 88.5 - American University Radio
Filed Under:

Lew, Bowles Rumored To Replace Treasury's Geithner

Play associated audio

A second term means some new Cabinet appointments for President Obama, including at the Treasury. After four pretty grueling years, Secretary Timothy Geithner has made it clear he will be leaving Washington.

White House press secretary Jay Carney said last week that Geithner would be staying on through the inauguration. He's also expected to be a "key participant" in "fiscal cliff" negotiations.

The Treasury secretary was arguably the most important Cabinet post in the first Obama administration. Geithner had wobbly banks, auto bailouts and the Great Recession on his plate. The next secretary will face big challenges too, beginning with the fiscal cliff and working with Republicans to craft a "grand bargain" on deficit reduction.

It's not surprising that there's been a lot of talk about Erskine Bowles as a replacement for Geithner. Bowles was chairman of the president's deficit reduction panel, the Simpson-Bowles commission. Speaking on Charlie Rose's show last March, Bowles outlined the content of a good budget deal.

"Any of them that don't address defense, any of them that don't address Medicare, Medicaid, Social Security and don't reform the tax code and aren't balanced in some way between that, aren't serious," he said.

Bowles was a chief of staff for President Clinton. He's also a former investment banker and is popular with Republicans and on Wall Street. But hehas criticized President Obama's budget publicly while praising Paul Ryan's.

A more likely choice might be Jack Lew, the current White House chief of staff and formerly the president's budget director. In April 2011, he discussed overhauling Social Security:

"It's never really moved the debate forward for one side or another to put a plan out there. It's only really worked well when the parties come together; that's what happened in 1983," he said.

Lew worked on that 1983 Social Security fix as an aide to House Speaker Tip O'Neill. He has Capitol Hill experience and the budget expertise to tackle the big issues that are on the Treasury's plate. And he's got a good working relationship with the president.

Copyright 2012 National Public Radio. To see more, visit http://www.npr.org/.

NPR

What Are The Secrets of Centenarians?

To find the path to long life and health, Dan Buettner studies the world's "Blue Zones," communities whose elders live longer than anyone else on the planet.
NPR

Census Reveals Universe Of Marine Microbes At Bottom Of The Food Chain

The ocean's tiniest inhabitants — including bacteria, plankton, krill — are food for most everything that swims or floats. Now, scientists have completed a count of this vast and diverse hidden world.
NPR

Irish Voters Decide Whether To Legalize Same-Sex Marriage

Polls show the "yes" vote is stronger in the conservative, predominately Catholic country. But public opinion surveys could be masking a "shy no vote," observers say.
NPR

Mechanical Turk Workers: Secret Cogs In The Internet Marketplace

There are hundreds of thousands of people doing stuff to your Internet experience that you may think is the work of an algorithm. They're working from home doing tiny tasks computers can't quite do.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.