Obama to tap budget expert to lead Treasury

Lew's nomination, expected Thursday, accelerates the overhaul of Obama's top advisers, with new leaders at the Pentagon, State Department, Central Intelligence Agency and Labor Department. Obama also must replace Lew with a new chief of staff, and that could have a ripple effect through the West Wing's senior ranks.

A day ahead of the formal announcement, White House Press Secretary Jay Carney praised the expected nominee: “Over the past more than quarter of a century, Jack Lew has been an integral part of some of the most important budgetary financial and fiscal agreements, bipartisan agreements in Washington.”

Lew, 57, would bring to Treasury a mastery of federal budget mechanics, honed during two stints as director of the Office of Management and Budget. While running OMB during the Clinton administration, Lew helped negotiate a balanced budget agreement with Congress, something that has eluded Washington ever since.

Lew's budget background could help shape the Obama administration's strategy in talks with congressional Republicans over the federal debt ceiling. Republican lawmakers are expected to demand deep budget cuts as the price for agreeing to raise the debt limit, which is expected to be reached sometime in February.

“His resume is tailor-made for what is most important right now,” said Diane Swonk, chief economist at Mesirow Financial in Chicago.” On Wall Street, Lew was managing director and chief operating officer of Citi Global Wealth Management and then Citi Alternative Investments. At the start of the Obama administration, he oversaw international economic issues at the State Department.

Lew has long been considered the favorite to replace current Treasury Secretary Timothy Geithner. The last original member of Obama's economic team, Geithner plans to leave the administration in late January.

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