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Bush picks Paulson to replace resigning Snow
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Race
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| Contributor | Rob Brodner |
| Last Edited | Rob Brodner May 30, 2006 08:09am |
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| Category | News |
| Media | Website - Yahoo News |
| News Date | Tuesday, May 30, 2006 02:00:00 PM UTC0:0 |
| Description | President George W. Bush will announce on Tuesday that Treasury Secretary John Snow is resigning and that he will nominate Goldman Sachs chairman Henry Paulson to replace him, a senior administration official said.
The announcement will be made in the White House Rose Garden at 9:15 a.m. (1315 GMT).
Snow's resignation had long been rumored and comes at a time when the U.S. economy is moving along briskly, although with worrisome hints of inflation on the horizon.
Naming Paulson gives Bush a Wall Street heavy hitter to use as an advocate for his tax-cut policies, which he calls an important factor in the growing economy but which his opponents say has contributed to long-term budget deficits.
If confirmed by the Senate, Paulson takes on a vigorous agenda, as the Bush administration attempts to expand trade and persuade China to move more quickly to a market-based exchange rate as a way to help U.S. manufacturers' goods be more competitive in China. |
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