This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Why Treasury Secretary Jack Lew Is Sad to See Eric Cantor Go

NEW YORK (TheStreet) -- House Majority Leader Eric Cantor's (R., Va.) primary loss touched every arm of government, even the U.S. Treasury.

Treasury Secretary Jack Lew on Wednesday, answering a question from Macy's (M) CEO Terry Lundgren at the Economic Club of New York about what reforms both parties of Congress can pass, said immigration reform is realistic,but hinted that Cantor's defeat will make it tougher.

"I would have been a bit more optimistic about immigration reform if we were meeting earlier," Lew said with a smile on his face before Lundgren cut him off.

"Before this morning?" Lundgren asked, chuckling.

Lew was referring to Republican challenger David Brat's defeat of Cantor Tuesday night as the economics professor claimed 55.5% vs.  44.5% of the total votes cast.

Cantor last month showed his support for a measure that would offer legalization to young undocumented immigrants in the military -- a key shift by a Republican Party leader who many critics claimed was the most powerful legislator blocking bipartisan immigration reform.

Lew on Wednesday called immigration reform good economic policy, and cited Congressional Budget Office data that found such reform would increase the labor force, boost GDP by 3.4% over the next decade and cut the deficit by $158 billion across the 2014 to 2023 period.

Policy analysts argued that Cantor's loss imperils the hopes for immigration reform, while others said it likely squashes any chance.

"I think there is still broad bipartisan support for immigration reform," Lew said on Wednesday.

-- Written by Joe Deaux in New York.

>Contact by Email.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SPY $205.74 0.00%
AAPL $123.25 0.00%
FB $83.30 0.00%
GOOG $548.34 0.00%
TSLA $185.00 0.00%


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs