Earlier, the deputy secretary outlined some of the financial challenges facing the education department.

BBC: Education Committee

Kimmitt, then the deputy secretary, and Stuart A. Levey, then the under secretary for terrorism and financial intelligence.

CENTERFORSECURITYPOLICY: Center For Security Policy

As undersecretary, deputy secretary and then secretary of the Treasury, Larry helped guide us through several major international financial crises--and was a central architect of the policies that led to the longest economic expansion in American history, with record surpluses, rising family incomes and more than 20 million new jobs.

FORBES: Text Of Obama's Economic Team Announcement

That's the moniker Time magazine gave the trio of then-Federal Reserve Chairman Alan Greenspan, Treasury Secretary Robert Rubin and Deputy Treasury Secretary Lawrence Summers in 1999 as they tried to mop up a bevy of global financial crises.

FORBES: Outlook Hazy