White House Names New Budget Chief

BY Paul Solman  July 13, 2010 at 12:27 PM EDT

The White House announced Tuesday it was nominating Jacob J. Lew to be the next Director of the Office of Management and Budget. If confirmed by the U.S. Senate, Lew will replace outgoing OMB Director Peter Orzag.

Lew held the same job in the Clinton administration, from 1998 to 2001. He was part of the team that helped balance the federal budget and he presided over federal budget surpluses for three consecutive years.

Read the full White House statement here.