President Obama announced this morning that he will nominate Jacob (Jack) Lew to head up the Office of Management and Budget. If confirmed by the Senate, he will replace Peter Orszag, who is stepping down later this month.
Lew served in this position once before, during the Clinton administration. He is currently the Deputy Secretary of State for Management and Resources.
Here is Obama's statement on the Lew nomination:
The experience and good judgment Jack has acquired throughout his impressive career in the public and private sector will be an extraordinary asset to this administration’s efforts to cut down the deficit and put our nation back on a fiscally responsible path. As the budget director who left the next administration a $237 billion surplus when he worked for President Clinton, I have no doubt that Jack has proven himself equal to this extraordinary task. I am grateful he has agreed to serve in this critical role, and I look forward to working with him in the weeks and months ahead.
Lew began his career on Capitol Hill in 1973 and was the principal domestic policy adviser to then-House Speaker Tip O'Neill.