Jacob Lew confirmed
as Treasury secretaryFormer White House chief of staff Jacob Lew won Senate confirmation Wednesday to become Treasury secretary, a job that will thrust him into fights with Congress over the debt limit, spending cuts and a threatened government shutdown.Approved on a 71-26 vote to succeed Timothy Geithner, Lew gained the support of 20 Republicans, even as some party members criticized him over a bonus he received while at Citigroup during the financial crisis."Lew faces a budget crisis. From Day One, he faces the sequester, a new continuing resolution for government funding, the return of the debt limit and an agenda that includes corporate tax reform and entitlement reform," said Ed Mills, an analyst at FBR Capital Markets.-- The Associated PressFactory orders suggestbusinesses are confidentOrders for "core" factory goods that signal business investment plans -- like industrial machinery, construction equipment and computers -- jumped 6.3 percent last month, the most in more than a year, suggesting that companies are confident about their prospects.But the Commerce Department also said Wednesday that a sharp fall in demand for commercial aircraft caused overall durable-goods orders to drop 5.2 percent, the first decline since August.-- The Associated PressMore Americans signcontracts to buy homesA measure of the number of Americans who signed contracts to buy homes rose 4.5 percent in January from December, the highest level since April 2010, when the home buyer tax credit was about to expire.The increase suggests that sales of previously occupied homes will continue rising in the coming months.-- The Associated PressFed defends policiesagainst GOP criticismFacing Republican criticism, Chairman Ben Bernanke stood behind the Federal Reserve's low-interest-rate policies Wednesday and sought to reassure the House Financial Services Committee that the central bank has a handle on the risks.He said the Fed's bond purchases are needed to boost a still-weak economy.-- The Associated PressHave more to add? News tip? Tell us
