Lew announcement this afternoon

President Obama plans to nominate White House Chief of Staff Jacob Lew to take over from Treasury Secretary Timothy F. Geithner, the president’s longest-serving economic adviser, a White House official said. The selection, to be announced at 1:30 p.m., signals that Obama’s second term will not initially focus on big new ideas to create jobs or expand government investment in the economy.

Zachary A. Goldfarb is policy editor at The Washington Post.
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