President Barack Obama has nominated Deputy Secretary of State Jacob Lew to serve as his budget director, putting him in charge of a $1 trillion-plus deficit that's a burden for the economy.

Appearing at the White House, Obama saluted Lew as "somebody who has proven himself already equal to this extraordinary task." He said that if there were a "hall of fame for budget directors," Lew would have earned a place in it for his service as budget director toward the end of the Clinton administration.

If confirmed by the Senate, Lew would serve as director of the Office of Management and Budget.