President Obama Nominates Replacement for Influential OMB Director

The President has nominated Jacob Lew to his old post as director of the Office of Management and Budget, replacing Peter Orszag, who becomes the first Obama Cabinet member to leave his post, on July 30.  Lew was the head of the OMB at the end of the Clinton administration, which was the last time the government turned deficits into surpluses.  If confirmed by the Senate, Lew would have to grapple with massive deficits — expected by the Congressional Budget Office to average nearly $1 trillion over the next decade under Obama’s proposed policies.  Many in Washington, D.C., consider the OMB Director as one of the most powerful positions in the federal government—overseeing the executive branch’s annual budget submission and okaying every proposed, interim or final regulation.