Obama to Nominate Lew as Budget Director

WASHINGTON (AP) - President Barack Obama says he will nominate
Jacob Lew to serve as director of the Office of Management and Budget.

Lew previously held the position during the Clinton administration. He currently serves as the Deputy Secretary of State for Management and Resources.

In a statement, Obama said Tuesday that Lew will be an extraordinary asset to the administration's efforts to cut the deficit and put the nation on a fiscally responsible path.

If confirmed, Lew would replace current OMB director Peter Orszag, who is stepping down this month.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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