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President Barack Obama announced today that his Chief of Staff Jack Lew is his pick to replace Timothy Geithner as Treasury secretary. I have low expectations, since Lew has been a "central player in two failed attempts at a grand bargain on deficit reduction with House Republicans." The "grand bargain" would have paired token tax hikes on the wealthy with significant benefit cuts for middle-class and low-income Americans. Republican Senator Jeff Sessions of Alabama did not rule out filibustering Lew's nomination.