Toomey, a Republican, was named Wednesday by Senate Minority Leader Mitch McConnell.
Toomey is a business ally and free-market advocate who opposes tax increases and has attacked the growth in the government's size and spending over the past decade as a threat to a healthy economy.
Toomey didn't vote for the deficit-reduction package that passed Congress last week because he didn't think it was serious enough, but says he's hopeful that the committee created by the law can make important strides toward balancing the budget.
