American President Barack Obama has announced that Jack Lew will be the new Head of the White House Office of Management and Budget. CurrentlyÂ Jack Lew is a top aide to Secretary of State Hillary Clinton.
According to reports, Lew will replace Peter Orszag as the administrationâ€™s Budget Director.
On Tuesday, while addressing a meeting, Barack Obama said â€œthe experience and good judgment Jack has acquired throughout his impressive career in the public and private sector will be an extraordinary asset to this administrationâ€™s efforts to cut down the deficit and put our nation back on a fiscally responsible path.â€ This is one of the steps taken by the White House to curb the record deficit.
Obama said, â€œLew, who served as budget director for former President Bill Clinton, left office in 2001 with a $237 billion federal budget surplus.â€
The budget deficit this year is projected to be $1.55 trillion. The President has named a commission to come up with ways to reduce a record deficit.
In a statement Obama added,â€œI have no doubt that Jack has proven himself equal to this extraordinary task.â€
Orszag is the first member of Obama’s Cabinet and the first economic adviser to leave the administration.