Word: panetta
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...deficit reduction on which Clinton campaigned. "Bill didn't want a brain trust," a transition official remarked. "He needed a sales force -- and that's what he's got." Indeed, Clinton, the Washington "outsider," might be said to have created the capital's most potent lobbying firm: Bentsen, Panetta, Rubin & Altman...
...choice for Treasury Secretary, Texas Senator Lloyd Bentsen, 71, is a business-friendly millionaire who chairs the powerful Finance Committee. California Congressman Leon Panetta, 54, named as Clinton's Budget Director, commands high regard from his peers for his work as chairman of the House Budget Committee. Bentsen's deputy will be Roger Altman, 47, who served at Treasury under President Carter. Altman, an investment banker like Rubin, knows financiers from New York to Tokyo...
...appointment of such deficit hawks as Panetta and Rivlin was widely -- and probably incorrectly -- read last week as a sign that Clinton is leaning away from additional deficit spending early next year to stimulate the economy. To be sure, encouraging reports on job creation and economic growth have convinced many economists, and some of Clinton's aides, that such stimulus is no longer necessary. But those same reports have galvanized traditional liberals among Clinton's supporters, who fear that good economic news will undermine the rationale for new deficit spending on social programs and public works projects...
Bentsen, 71 and chairman of the Senate Finance Committee, was the capstone as Treasury Secretary. Accenting his desire to work with Congress, Clinton tapped Leon Panetta, who chairs the House Budget Committee, as OMB director. Wall Street was represented by Robert Rubin as the head of the new National Economic Council in the White House, and Roger Altman, a Clinton college classmate, as Bentsen's deputy. Alice Rivlin, former director of the Congressional Budget Office, will be Panetta's deputy. The solid choices signaled Clinton's concern with the deficit and need to reassure business...
...Clinton shows scant need to surround himself with yes-men and -women. Panetta has been skeptical about the President-elect's oft promised middle-class tax cut, and Rivlin departs from Clinton orthodoxy with her suggestion that states should run public-works programs. Perhaps this will be a combative Administration after all. (See related story on page...