Washington (CNN) - President Barack Obama said Tuesday he will nominate Jacob J. Lew, a former director of the Office of Management and Budget, to again take that post.
If confirmed, Lew would succeed Peter Orszag as head of the White House budget team.
Lew held the same position in the administration of former President Bill Clinton from 1998-2001. Most recently, he has been the deputy secretary of state for management and resources in the Obama administration.
"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. "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."