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This Jan. 9, 2012, file photo shows then-Budget Director Jack Lew listening as President Barack Obama speaks in the State Dining Room of the White House in Washington. Lew, the current White House chief of staff is President Barack Obama's expected pick to lead the Treasury Department, with an announcement possible before the end of the week. (AP Photo/Susan Walsh, File) Copyright 2012, The Associated Press

Obama nominates Lew to lead Treasury

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WASHINGTON (AP) — President Barack Obama is announcing Treasury secretary nominee Jack Lew, pointing to his past work of balancing budgets during the Clinton administration.

The president says he feels "bittersweet" about losing Lew as his White House chief of staff but says "my loss will be the nation's gain."

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