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Barack Obama picks Bill Clinton man Jacob Lew to slash deficit

Barack Obama picks Bill Clinton man Jacob Lew to slash deficit 15 Jul 2010 Barack Obama has reached back into the Clinton era for a new budget director he hopes can pull the nation out of its $US1 trillion hole. The US President yesterday nominated Jacob Lew, who helped produce balanced budgets and federal surpluses a decade ago, as director of the US Office of Budget Management, replacing outgoing chief Peter Orszag. Mr Lew, who held the post under former president Bill Clinton, must be confirmed by the Senate, and the White House does not expect that to happen until the northern autumn.