Donald Trump picks conservative GOP lawmaker Mick Mulvaney as his budget director

US president-elect Donald Trump today picked a conservative Republican lawmaker as his budget director at the White House, who he believes would help in responsibly managing the finances of the world's biggest economy, currently under a debt of nearly "$20 trillion".

Nominated as Director of the Office of Management and Budget, Congressman Mick Mulvaney, 49, of South Carolina brings a wealth of experience on economic, budgetary, and fiscal issues to his new role, the Presidential Transition Team said in a statement.

"We are going to do great things for the American people with Mick Mulvaney leading the Office of Management and Budget," Trump said.

Mulvaney has long been a strong voice in Congress for reining in out-of-control spending, fighting government waste and enacting tax policies that will allow working Americans to thrive.

"Right now we are nearly $20 trillion in debt, but Mick is a very high-energy leader with deep convictions for how to responsibly manage our nation's finances and save our country from drowning in red ink," said the President-elect.

"With Mick at the head of OMB, my administration is going to make smart choices about America's budget, bring new accountability to our federal government, and renew the American taxpayer's trust in how their money is spent," Trump said.

Getting America's fiscal house in order is a key component of Trump's America First plan to create millions of jobs and grow the economy, the transition team said in a statement.

Trump will have to balance the spending cuts, along with delivering on his pre-poll promises of drastic tax cuts and a big infrastructure boost.

In his statement, Mulvaney said the Trump administration will restore budgetary and fiscal sanity back in Washington after eight years of an out-of-control, tax and spend financial agenda, and will work with Congress to create policies that will be friendly to American workers and businesses.

"Each day, families across our nation make disciplined choices about how to spend their hard earned money, and the federal government should exercise the same discretion that hardworking Americans do every day," he said.

A lifelong resident of the Carolinas, Mulvaney attended Georgetown University where he graduated as an Honor Scholar - the highest award given to students of the Georgetown School of Foreign Service - in International Economics, Commerce and Finance.

After college, he attended law school at the University of North Carolina at Chapel Hill on a full academic scholarship.