O'Neill, Lindsey Both Resign

Treasury Secretary Paul O'Neill and Larry Lindsey, the White House's top economic adviser announced their resignations Friday morning, several news services said.

O’Neill said in a letter to President Bush that it has been a privilege to work with the president and and wished him continued success. A spokeswoman at the Treasury Department said that O’Neill would be leaving in the next few weeks, Bloomberg reported.

Reuters reported that the secretary had been asked to step aside.

O’Neill had been an optimist about the economy and had been opposed to a new round of economic stimulus, a rumored component of a new push on domestic issues by the White House, Bloomberg said.

Many analysts had predicted O’Neill’s demise because of his inability to work well with Congress and a lack of support in the business community, CNN said.

There was no reason given for either O’Neill’s and Lindsey’s departure. White House spokesman Ari Fleischer said that Lindsey was looking forward to returning to the private sector.

Lindsey will be leaving his post at the end of the year, Bloomberg said.

Fleischer said he would not speculate on the timing of the resignations or possible replacements.

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