O'Neill, Lindsey resign

NEW YORK (CNN/Money) - U.S. Treasury Secretary Paul O'Neill and Larry Lindsey, the White House's top economic adviser, both resigned Friday, continuing the house cleaning of the Bush administration's economic team.

No successors have been announced. Senior administration officials told CNN that both men were asked to resign by the White House. Presidential spokesman Ari Fleischer wouldn't comment directly when asked if the two were forced out, saying only that each had resigned.

"The president very much appreciates the service of Secretary of the Treasury Paul O'Neill and Larry Lindsey to the White House and to the country. They have both served the president ably and well," said Fleischer.

O'Neill, the former CEO of Alcoa, and Lindsey, a former Federal Reserve Governor and architect of the tax cut plan President Bush ran on in 2000, are the second and third major members of the administration's economics team to announce a departure in the last four weeks. Securities and Exchange Commission Chairman Harvey Pitt submitted his resignation on election night. (more....)