Obama Nominates Lew as Treasury Secretary [VIDEO]

It's not unusual for a President's Cabinet to change from term to term, but in this case, President Obama is looking to shift his Cabinet, nominating one current member for a different post.

FOX News Radio White House Correspondent Mike Majchrowitz reports:

Audio clip:

The President tapped his former Budget Director and current Chief of Staff Jack Lew to be the next Treasury Secretary.  The President noting Lew served as Bill Clinton's Budget Director at a time of surpluses.

(President Obama) "So for all this talk out there about deficit reduction and making sure our books are balanced, this is the guy who did it."

Response from Republicans?  Not favorable.  Wyoming Senator John Barrasso sees Lew's selection as a sign of business as usual.

(Sen. Barrasso) "Jack Lew and the President think that spending isn't the problem.  Wasteful government spending is the problem."

Jeff Sessions of Alabama accuses Lew of giving "outrageous and false" budget testimony.

At the White House, Mike Majchrowitz, FOX News Radio.

WATCH as President Obama announces Lew's nomination: