President Obama plans to name White House Chief of Staff Jack Lew to replace Timothy Geithner as Treasury Secretary Thursday, according to Bloomberg. Bloomberg cited “a person familiar with the process,” who said that Lew has been offered the post by Obama.
Considered a long-time front-runner to succeed Geithener, Lew’s experience inside Washington includes a two posts as Director of the Office of Management and Budget and a former aide to the late House Speaker Tip O’Neill. He also briefly served as the managing director for Citigroup from July 2006 until the end of 2008, then joined the Obama administration.
Geithner signaled his intention to leave the White House amid the 2011 debt ceiling showdown in which he played a crucial role, but was persuaded to stay on through the end of Obama’s first term. He is the only member of Obama’s original economic team remaining and has said he plans to step down at the end of the month.
Lew is poised take over the Treasury Department at a crucial moment: The next round of debt ceiling negotiations is already underway, and the U.S. risks default if Congress does not agree to raise the $16.4 trillion limit. The Bipartisan Policy Center, a Washington think tank, predicted that the government could run out of funds as early as February 15th.