Lew nominated to return as OMB director

WASHINGTON, July 13 (UPI) -- President Obama Tuesday nominated former White House budget director Jacob "Jack" Lew to return to his old job.

Lew was director of the Office of Management and Budget under President Clinton and left office with a $237 billion surplus.

If confirmed, Lew will replace Peter Orszag, who is stepping down at the end of the month.

"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 written statement.

Orszag issued a statement noting Lew's "mastery of the budget process and passion for public service."

Lew is a Harvard graduate and received a law degree at Georgetown. He was most recently managing director of Citi Alternative Investments.

The Hill said Lew has been through the congressional confirmation process before. He was approved on a bipartisan vote to be the Obama administration's deputy secretary of state for management and resources.