Former President Bill Clinton and Senator Hillary Rodham Clinton will be spending their New Year's Eve in New York City's Times Square -- and they have the most important job of the night!

New York Mayor Michael Bloomberg's office has confirmed to ET that the Clintons have been selected to push the ceremonial button to kick off the ball drop at 11:59 p.m in Times Square.

"I can't think of anyone I would rather stand [with] at the crossroads of the world at the beginning of this New Year than Bill and Hillary Clinton," Bloomberg told CBS.

Luckily for the Clintons, they're only pushing a button -- this year's ball is double the size of previous balls, weighing in at 12,000 pounds!