President Obama clashed with some congressional Democrats Wednesday over the possibility that his former treasury secretary, Lawrence Summers, might be named to succeed Ben Bernanke as Federal Reserve chairman.
In a tense exchange with Rep. Ed Perlmutter (D-Colo.) during a closed-door meeting with House Democrats, Obama defended Summers’ role in helping to restore the U.S. economy and “expressed frustration” with a growing negative campaign against him, according to one lawmaker who was present.
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After meeting with President Obama Wednesday, Rep. Nancy Pelosi said the American people would lose if the government shut down.
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Obama also said he “was not even close to making a decision” on who might replace Bernanke, the lawmaker said.
The exchange underscored a growing rift among Democrats over who should be named to lead the Fed. Many liberals are opposed to Summers for his central role in the deregulation wave of the 1990s, and favor Fed vice chairwoman Janet Yellen instead.
The exchanges Wednesday came as Obama sought to rally anxious Democrats on Capitol Hill, telling them he would not negotiate with Republicans over raising the debt ceiling and promising to ramp up a push for passage of immigration reform.
Obama sounded a positive tone when he left his meeting with House Democrats, telling reporters: “It was good.”
The potential Summers nomination came up in separate meetings with both House and Senate Democrats, according to attendees. House Minority Leader Nancy Pelosi (D-Calif.) said Obama only discussed Summers when asked about the Fed selection process.
“It wasn’t really about Larry Summers – it was about how important this decision is, the ramifications of who the chairman of the Fed is and is there for a long time to come and recognizing that there are differing views in our caucus on the subject and how we go forward, but understanding that whoever the president chooses will be received with great respect by our caucus,” Pelosi told reporters.
Obama also faced questions about Summers during a more than hour-long session with Senate Democrats. According to one Democrat present, the president appeared to grow frustrated at the questions about Summers and Yellen. Obama described their ideological differences on economic policy as “paper thin,” the senator said, requesting anonymity to describe the president’s private discussion.
Afterward Senate majority leader Harry M. Reid (D-Nev.) also defended Summers, calling him “a friend.”
“That decision is up to the president,” Reid told reporters, suggesting Democrats would back whoever Obama nominates for the slot.
White House press secretary Jay Carney later said Obama was defending Summers as a valued former member of his economic team that helped craft policy to help the nation recover from the Great Recession.
“He’s very grateful of Larry’s service with him,” Carney said. Carney stressed that Obama will not decide on a Fed chief until the fall.
Obama’s trip down Pennsylvania Avenue, just days before Congress breaks for a five-week summer recess, comes amid growing concerns among Democrats over the president’s stalled domestic agenda. Congressional Republicans have blocked his biggest initiatives, including new gun control measures, and a standoff over the budget in the spring led to the mandatory, across-the-board spending cuts known as sequestration.
In a tense exchange with Rep. Ed Perlmutter (D-Colo.) during a closed-door meeting with House Democrats, Obama defended Summers’ role in helping to restore the U.S. economy and “expressed frustration” with a growing negative campaign against him, according to one lawmaker who was present.
Video
After meeting with President Obama Wednesday, Rep. Nancy Pelosi said the American people would lose if the government shut down.
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Chris Cillizza When the laughter ends, the tears start.
Glenn Kessler Lots of Republicans got snookered when they recited misleadingly presented poll data.
Rachel Weiner and Sean Sullivan Republicans are embracing the term as a way of reminding voters of Democratic men who have cheated, sexted, and harassed.
Read more
Obama also said he “was not even close to making a decision” on who might replace Bernanke, the lawmaker said.
The exchange underscored a growing rift among Democrats over who should be named to lead the Fed. Many liberals are opposed to Summers for his central role in the deregulation wave of the 1990s, and favor Fed vice chairwoman Janet Yellen instead.
The exchanges Wednesday came as Obama sought to rally anxious Democrats on Capitol Hill, telling them he would not negotiate with Republicans over raising the debt ceiling and promising to ramp up a push for passage of immigration reform.
Obama sounded a positive tone when he left his meeting with House Democrats, telling reporters: “It was good.”
The potential Summers nomination came up in separate meetings with both House and Senate Democrats, according to attendees. House Minority Leader Nancy Pelosi (D-Calif.) said Obama only discussed Summers when asked about the Fed selection process.
“It wasn’t really about Larry Summers – it was about how important this decision is, the ramifications of who the chairman of the Fed is and is there for a long time to come and recognizing that there are differing views in our caucus on the subject and how we go forward, but understanding that whoever the president chooses will be received with great respect by our caucus,” Pelosi told reporters.
Obama also faced questions about Summers during a more than hour-long session with Senate Democrats. According to one Democrat present, the president appeared to grow frustrated at the questions about Summers and Yellen. Obama described their ideological differences on economic policy as “paper thin,” the senator said, requesting anonymity to describe the president’s private discussion.
Afterward Senate majority leader Harry M. Reid (D-Nev.) also defended Summers, calling him “a friend.”
“That decision is up to the president,” Reid told reporters, suggesting Democrats would back whoever Obama nominates for the slot.
White House press secretary Jay Carney later said Obama was defending Summers as a valued former member of his economic team that helped craft policy to help the nation recover from the Great Recession.
“He’s very grateful of Larry’s service with him,” Carney said. Carney stressed that Obama will not decide on a Fed chief until the fall.
Obama’s trip down Pennsylvania Avenue, just days before Congress breaks for a five-week summer recess, comes amid growing concerns among Democrats over the president’s stalled domestic agenda. Congressional Republicans have blocked his biggest initiatives, including new gun control measures, and a standoff over the budget in the spring led to the mandatory, across-the-board spending cuts known as sequestration.