President Obama revealed his pick for the next head of the White House Council of Economic Advisers in a late-morning Rose Garden announcement Monday.

Fox News reported this morning that Mr. Obama is nominating Princeton University's Alan Krueger to replace the recently-departed Austan Goolsbee.

"Allen brings a wealth of experience to the job. He's one of the nation's leading economists. For more than two decades, he studied and developed economic policy both inside and outside of government," the president said as Krueger stood by his side.

"In the first two years of this administration, as we were dealing with the effects of a complex and fast moving financial crisis - a crisis that threatened a second Great Depression - Allen's counsel as Chief Economist at the Treasury Department proved invaluable." 

While at the Treasury Department, Kreuger studied issues like tax incentives to encourage businesses to hire.

The filling-in of the president's economic team comes ahead of the announcement of his much-anticipated debt and deficit plan. That speech is expected sometime after Labor Day. Although the date and location of that speech have yet to be announced, the president said it will indeed be "next week."