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Jack Lew expected to lead Treasury (+video)

Jack Lew, President Obama's likely pick for Treasury secretary, will face tricky economic topics in his new role. If confirmed, Lew will be an important player in the president's plans for deficit reduction. 

Jack Lew to be Treasury Secretary
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President Barack Obama will nominate White House Chief of Staff Jack Lew to be his next Treasury secretary, choosing a budget expert and close confidant to spearhead tough fiscal fights with Congress over the U.S. deficit.

If confirmed by the Senate, Lew would replace Timothy Geithner, the longest-serving member of Obama's original economic team, who has said he would step down after one term.

A source familiar with the matter said Lew, who had been widely expected to be tapped for the role, will be nominated on Thursday.

The announcement would round out a slew of cabinet choices Obama has made in recent weeks that will help set the agenda for his second term.

Lew served as budget director for Obama and for former President Bill Clinton. A 57-year-old policy wonk, he will have to confront a host of tricky economic topics ranging from how best to scale back the government's role in the housing market to how to respond to China's economic heft.

But the high-profile Washington battle over how to rein in the growth of the nation's debt and put the budget on a sustainable path will dominate his tenure.

Lew helped spearhead acrimonious talks with congressional leaders in 2011 that preceded approval of an increase in the U.S. debt ceiling. He will have to reprise that role in the next two months, when another debt ceiling deadline looms.

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