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President -- second term cabinet is taking shape this afternoon -- set to -- White House chief of staff Jack -- as his pick.
To replace outgoing Treasury Secretary Timothy Geithner.
It comes as we get word of another big change in the administration.
Labor secretary -- so -- just announced that she will also be stepping down.
Peter -- live at the white house with more on this is Peter why -- President Obama want Jack little.
As his pick for the next Treasury Secretary.
Martha because as the White House chief of staff Jack will was an important part of the president's team during some tough economic times.
And some tough economic decisions over the last few years Jack -- came to DC in 1973.
About forty years ago and has experience all over town at the office of management and budget and it the State Department also in the private sector at Citibank.
And at new York university and a White House official pass this along they said throughout his career Jack Lew has proven a successful and effective advocate.
For middle class families who can build bipartisan consensus to implement proven economic policies but.
Senator Jeff Sessions Republican from Alabama as saying he does not think.
Jack lose nomination will be successful sessions is steamed that Lou appeared before congress two years ago -- testified that president Obama's budget.
Would not add to the national debt sessions says in this is a quote.
At this time of unprecedented slow growth.
High unemployment and huge deficits we need -- secretary of treasury that the American people the congress and the world.
We'll know it's up to the task of getting America on the path to prosperity not the path to decline Jack -- Is not that man.
If lose nomination is successful its signature will go on all new US dollar bills this is what looks like right now we don't know if congress or the president.
He's gonna ask him to clean it.
-- Well -- would imagine that it will probably improves a little bit I -- real why he told us Elise says secretary of labor stepping down Peter.
She says that she made a decision to step down over spending some time over Christmas and new years with her family out in California and she actually sent a letter.
To Department of Labor employees yesterday and part of it says as the daughter of parents who worked in factories paid their union dues and achieved their goal of -- middle class life.
And as the first Latina to head a major federal agency it has been an incredible honor.
To serve -- President Obama thanked her in a statement for her steadfast.
Commitment to his administration and -- the American people but we don't know at this time.
Who he is going to pick to replace her Martha.
Talk more about that little bit later -- that thank you Peter and as the.
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