[ by Melanie Gretchen ]

Treasury Secretary Timothy Geithner's was formally out when the Senate confirmed Jack Lew - Obama's candidate for Treasury secretary - by a 71-26 vote of the full Senate.  Eighteen Republicans voted in favor or Mr. Lew - although his candidacy was contentious.   It didn't help that Mr. Lew received a $625K honorarium from New York University when he left for Washington.

Mr. Lew, formerly President Obama's chief of staff, immediately threw himself into the debates on lessening the economic blow from $85 billion in government spending cuts that are set to kick in on Friday, 3/1.  He also will face the expiration of most government operations on 3/27 and 5/19 when the national debt is expected to hit the U.S. government's borrowing limit.

Prior to his current appointment, Mr. Lew served as White House budget director under both President Obama and former President Bill Clinton.  In his new role with the Treasury, he will oversee negotiations with Congress on trimming U.S. budget deficits and keeping a lid on the ever-growing $16.6 trillion U.S. national debt – not a small task.

Senator Max Baucus, a Democrat who chairs the Finance Committee that vetted Lew for the job summed up Mr. Lew's appointment as Treasury Secretary:  "[W]e'll be entrusting Mr. Lew to oversee America's economic policy.  It is a great responsibility, one I believe Mr. Lew will live up to."

For further details, go to [CNBC, 2/27/13].