Posted by WARREN MOSLER on November 25th, 2008
Hopefully it’s something like 3 steps forward and only 1 or 2 steps back…
> On Tue, Nov 25, 2008 at 1:29 AM, Scott wrote:
> Looks like Orszag’s the man to get the long run budget “under control”
> and this is why Obama waited till Tuesday to talk about it in detail. Bad
> news–the fiscal gap and generational accounting come to the White
> House (Orszag already incorporated them into CBO reports). As I said
> before, they may never get to the “long run” with this approach.
Two sources close to the transition tell CNN that on Tuesday, President-elect Barack Obama will officially unveil Peter Orszag as his nominee for director of the Office of Management and Budget at a press conference in Chicago.
Obama hinted at this at an event Monday, when he suggested his Tuesday event would focus on finding cuts in the federal budget to help dig the nation out of the fiscal crisis.
“Full recovery will not happen immediately,” Obama told reporters. “And to make the investments we need, we’ll have to scour our federal budget, line by line, and make meaningful cuts and sacrifices as well, something I will be discussing further tomorrow.”