Anaylsis: Lew nominated as OMB director

The White House has nominated Jacob Lew as director of the Office of Management and Budget.

Lew previously held the post during the last two year of the Clinton White House.

He will replace departing Peter Orszag.

But Lew is in for a challenge — with a deficit well over $1 trillion.

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Tom Shoop is editor-in-chief of GovExec and brings us analysis.