White House Budget Director | featured news

Top Republican lawmakers and the Obama administration’s budget director both predicted Sunday that an agreement would be reached before the federal government defaults on its debt in early August, but both sides continued to squabble over the details of competing proposals, offering little evidence that a deal was at hand.

President Obama reached back to the financially happy days of Bill Clinton to pick the next budget director, announcing on Tuesday that Jacob Lew will be nominated for the key fiscal post.

White House Budget Director Peter Orszag plans to step down from his job in July, making him the first senior member of President Barack Obama's economic team to leave, the New York Times reported on Monday.