Obama to nominate Jack Lew to Treasury Secretary

President Obama is set to nominate Jack Lew to be the next Treasury Secretary, CBS News has confirmed. The announcement could come as early as Thursday.

If confirmed by the Senate, Lew would replace current Treasury Secretary Timothy Geithner, who has served in the post for the entirety of the president's tenure.

Lew is Mr. Obama's current chief of staff but has served in numerous government roles. Prior to his current post, which has given him direct access to the president, the 57-year-old was the director of the Office of Management and Budget. In that position he worked closely with Congress and federal agencies to oversee the budget of the entire federal government. That is a position he also held during the Clinton administration from 1998 to 2001.

Lew would come into the position amid a sluggish economic recovery and as Washington politicians are facing more budget battles. By mid-February, Congress is likely to be embroiled in debate over spending and increasing the debt ceiling. Geithner notified Congress on December 31 that the debt limit had been reached and that he was taking "extraordinary measures" that involved rearranging the books so that immediate bills could be paid while putting others off.

A source told CBS News White House correspondent Major Garrett that the White House doesn't expect a difficult confirmation process.