Senate confirms Treasury secretary

In National News, News

The U.S. Senate affirmed Jack Lew as the new Treasury secretary Wednesday in a 71-26 vote that will give him the power to oversee the nation’s toughest fiscal problems in the next few months.

Lew succeeded Timothy Geithner, who presided over the budget policies that plagued the last days of 2012 over the financial crisis that have long-since passed over.

“At this critical time for our economy and our country, there is no one more qualified for this position than Jack,” President Barack Obama said in a statement following Lew’s confirmation.

The most pressing topic, the sequester, will automatically slash funding in the mid-billions of dollars for many programs nationwide Friday if Congress and the White House cannot come to a resolution.

The automatic spending cuts triggered by inaction will affect every state differently, including almost $88 million in education funding in California ,according to a state projection released by the White House earlier this week.

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