Lew would help facilitate talkson the federal debt ceiling as one of his first tasks as treasury secretary. (Flickr/CSIS)

Lew, who serves as the White House chief of staff and former budget director, would help negotiate talks with the Republican party on the federal debt limit as one of his first tasks.

His background in the private sector and international experience was particularly appealing to the president. Lew is considered well-respected and well-liked by both Democrats and Republicans.

If confirmed by the Senate, Lew would replace Timothy Geithner, who is expected to vacate his position near the Jan. 21 presidential inauguration.

The official announcement is expected by the end of the week.

Read the full story at the Associated Press.

Reach Executive Producer Amanda Martinez here.