American President Barack Obama has announced that Jack Lew will be the new Head of the White House Office of Management and Budget. Currently Jack Lew is a top aide to Secretary of State Hillary Clinton.

Lew and Obama
Pic Courtesy:Ron Sachs/Bloomberg

According to reports, Lew will replace Peter Orszag as the administration’s Budget Director.

On Tuesday, while addressing a meeting, Barack Obama said “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.” This is one of the steps taken by the White House to curb the record deficit.

Obama said, “Lew, who served as budget director for former President Bill Clinton, left office in 2001 with a $237 billion federal budget surplus.”

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,“I have no doubt that Jack has proven himself equal to this extraordinary task.”

Orszag is the first member of Obama’s Cabinet and the first economic adviser to leave the administration.


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