The New York Times reports that Peter Orszag will be resigning his position as the Director of the Office of Management and Budget (OMB). Of late, he’s apparently been one of the officials urging less spending and more deficit reduction:
In recent months, Mr. Orszag, 41, espoused deficit reduction strategies in administration debates against those who pressed for more stimulus spending and tax cuts to keep the economy from slipping back into recession. He will leave before the bipartisan debt-reduction commission that Mr. Obama formed earlier this year — and which Mr. Orszag championed — is due to report its recommendations by Dec. 1.
Mr. Orszag has said that even if the panel fails to reach agreement, the Obama administration could adopt some of the ideas it leaves on the table for the administration’s next budget.
Earlier today, we posted Paul Krugman’s column from today, which urged our leaders to spend now with a plan to save later. I side with Krugman over Orszag on this one. Hopefully, Obama’s next Director of OMB will too (but I doubt it.)