Treasury admits poor GDP figures 'were expected'

For the past four years, fighting a global economic crisis has been the U.S. Treasury Secretary’s top priority. Though the U.S. economy seems to be entering a period of recovery, President Obama’s Treasury Secretary nominee, Jacob “Jack” Lew, would still face enormous challenges in office.

Glimmers of optimism among Britain's cash-strapped consumers are likely to be overshadowed this week by confirmation of a double-dip recession and deteriorating public finances.

Britain risks falling back into recession unless its banks increase the amount they are lending to businesses and individuals, Business Secretary Vince Cable said in an interview with The Sunday Times."The top priority now, to boost growth and jobs and avoid a double dip (recession), is making the banks lend again," he told the newspaper, as the Bank of England was on Wednesday expected to downgrade its forecasts for British economic growth.

WASHINGTON – U.S. President Barack Obama will nominate White House chief of staff Jack Lew as his next Treasury secretary on Thursday, replacing Timothy Geithner, according to a source familiar with the matter. Lew had been widely expected to be tapped for the role. He has served as budget director for Obama and for former President Bill Clinton.