President Barack Obama will nominate Jacob Lew as the new director of the White House Office of Management and Budget, the White House said today.
Lew, who served as President Bill Clinton's budget chief between 1998 and 2001, is currently Deputy Secretary of State for Management and Resources.
"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," Obama said in a statement.
Obama is due to make remarks at noon EDT(1600 GMT) at the White House.
Obama is committed to curbing a record U.S. deficit and rising debt in the medium term, but he wants to maintain taxpayer support for growth and jobs until hiring has picked back up.
"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," Obama said.
Lew would replace Peter Orszag, who steps down on July 30 for a position at the Council on Foreign Relations, an influential think-tank.