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William Daley is stepping down as White House Chief of Staff it was announced earlier today. Budget Director Jack Lew is taking over the President Obama’s team as it heads into a critical election year.

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Daley handed in his letter of resignation to the President in a private meeting in the Oval Office last week, it’s rumored that Daley wants to return to his hometown of Chicago. 

As Reported By The Chicago Tribune:

Obama announced the change in leadership at a public event Monday afternoon.

The official shift will take place at the end of the month, giving Lew time to complete the administration’s budget proposal while Daley leads the team through the crafting of the State of the Union address due in two weeks.

The choice of Lew puts a veteran staffer of the White House, Capitol Hill and State Department in a critical position at a difficult time for the president.

Obama hopes he can work through tough budget and economic issues with Congress this year despite fierce opposition from Republicans in the GOP-led House.

Having a strong team captain who can deal with lawmakers, staffers and business leaders is considered crucial to their strategy.

Everyone has been jumping ship in the Obama White House. Former Chief of Staff Rahm Emanuel left his post after two years with the President, and now Daley is leaving after one year. 

SOURCE: CT