Gates 'to stay as Pentagon chief' Nov 26, 2008
KEY ECONOMIC APPOINTMENTS US Treasury Secretary:Timothy Geithner, president, New York Federal Reserve Director, White House National Economic Council:Lawrence Summers, former Treasury secretary Chair of the Council of Economic Advisers:Christina Romer, co-director, National Bureau of Economic Research Director, White House Office of Management and Budget:Peter Orszag, director of the Congressional Budget Office ... Mr Obama announced the appointment of Peter Orszag, now head of the Congressional... (BBC News)
Orszag to head budget office Nov 26, 2008
Orszag is currently the head of the Congressional Budget Office. If he's confirmed by the Senate, he'll head the White House office through which federal agency budget requests must flow. (San Francisco Chronicle -- Business)
It's not a bailout, it's money spent on medicine Nov 26, 2008
About $700 billion an amount equal to the contentious federal bailout plan for financial companies is wasted every year in the United States on medications and treatments that are unnecessary or harmful, Abramson said, citing the Congressional Budget Office. Most of the information businesses and patients have on health care is biased because it comes from profit-driven drug companies and doctors swayed by them, said the author of Overdo$ed America: The Broken Promise of American Medicine,... (Sacramento Business Journal, CA)
Obama To Keep Spending In Check Nov 26, 2008
"We are not going back to business as usual when it comes to our budget," Obama said in naming Peter Orszag, director of the Congressional Budget Office, as his White House budget chief. "Budget reform is not an option. It's a necessity.". (San Francisco Chronicle -- Politics)
Where D.C.'s cash gusher is being spent Nov 26, 2008
The Congressional Budget Office counts the bailout cost so far at $17 billion, which represents the "present value" of the money. The deficit for fiscal 2009 could climb closer to $1 trillion. (MSNBC -- Politics)
Obamas challenge: Stimulus and cut budget Nov 26, 2008
He spoke as he appointed Peter Orszag, currently head of the Congressional Budget Office, to be his own budget director. advertisement. (MSNBC -- Politics)
* Millions more will lose jobs in US, Obama says Nov 26, 2008
Orszag, 39, is serving a four-year term as head of the Congressional Budget Office. Obama was expected to make the announcement yesterday. (Taipei Times, Taiwan)
Obama vows to look for budget savings to help finance recovery plan Nov 26, 2008
After running the Congressional Budget Office for nearly two years, as well as handling economic policy in the Clinton and Bush administrations, Orszag "doesn't need a map to tell him where the bodies are buried in the federal budget," Obama said. Together with a two-year economic recovery package of hundreds of billions of dollars in spending and tax cuts, Obama hopes to win early approval in Congress next year for separate language committing the government to actions that would bring deficits... (International Herald Tribune)
Obama names 2 more members of his economic team Nov 26, 2008
Orszag has been director of the Congressional Budget Office for nearly two years and has worked in both the Bush and Clinton administrations. More Coverage. (International Herald Tribune)
Federal deficit could hit $1 trillion this year Nov 26, 2008
Nov. 25, 2008 12:23 PM Associated Press. WASHINGTON - The federal government's ledger has gone from a surplus just seven years ago to facing a prospect of a $1 trillion deficit next year. (AZCentral -- Business)
Obama pledging fiscal restraint: KRNV.com will00001221 stream live video of event Nov 26, 2008
Peter Orszag now heads the Congressional Budget Office. He'll be in charge of the office that examines and approves all federal agency budget requests. (KRNV.com, NV)
Obama forms cabinet faster than predecessors Nov 26, 2008
U.S. President-elect Barack Obama speaks in front of Peter Orszag (L), the current director of the Congressional Budget Office, as he announces Orszag as his choice for director of the Office of Management and Budget during a news conference in Chicago Nov. 25, 2008. (Xinhua/Reuters Photo). (Xinhuanet, China)
Obama promotes fiscal restraint, big spending Nov 26, 2008
Orszag is the current director of the Congressional Budget Office. Obama's economic team embodies what at first glance seem to be mutually exclusive goals. (Havre Daily News, MT)
Who Is Peter Orszag, Obama's OMB Pick? Nov 26, 2008
He is director of the Congressional Budget Office, overseeing a staff of 235 people and an annual budget of roughly $40 million. The office provides nonpartisan analyses of economic and budgetary issues for lawmakers. (Newsmax)
Obama Sharpens His Budget Blade Nov 26, 2008
Obama also announced that he is tapping Peter Orszag, currently head of the Congressional Budget Office, to head the White House's Office of Management and Budget, which coordinates federal spending. The crashing economy has prompted Obama to begin acting presidential even before Inauguration Day. (Time.com)
Judicial Pay Raise Stalls Again in Congress Nov 25, 2008
The Congressional Budget Office estimates that the roughly 29 per cent pay raise for Article III judges included in the bills before Congress would cost taxpayers about $131 million in the first year -- not much, compared to what the corner bank is receiving. For seven of the last 14 years, judges have not even gotten a cost-of-living increase, and if the current session ends without even that 2 to 3 percent adjustment, judges will be disappointed to say the least. (Law.com)
A vow to jolt the economy Nov 25, 2008
Orszag now heads the Congressional Budget Office. Roberton Williams, the Tax Policy Center's principal research associate, said that Obama seems likely to trade a much deeper deficit for the hope that a stimulus plan will boost the economy in the long term. (Boston Globe)
Obama chooses team to tackle financial woes Nov 25, 2008
Peter Orszag has headed the Congressional Budget Office ... This is widely expected to go to Peter Orszag - the head of the Congressional Budget Office (CBO). (BBC News)
Obama Will Boost Stimulus Proposal With Funds for Roads, Energy, Education Nov 25, 2008
Obama will hold another press conference today to discuss overhauling government spending, during which he will announce , head of the Congressional Budget Office, as his budget director, according to a Democratic aide. Fueling Jobs, Growth. (Bloomberg -- Germany)
Obama names economic team Nov 25, 2008
Orszag, 39, is serving a four-year term as head of the Congressional Budget Office. Monday, Obama said his newly minted economic team offered "sound judgment and fresh thinking" at a time of economic peril. (Crain's Chicago Business)
Obama picks budget boss Nov 25, 2008
Orszag, 39, is serving a four-year term as head of the Congressional Budget Office. If confirmed by the Senate, he would head the Office of Management and Budget, the agency that makes sure a president's priorities are translated into spending decisions. (Sioux City Journal, IO)
Obama pledging fiscal restraint Nov 25, 2008
Peter Orszag now heads the Congressional Budget Office. He'll be in charge of the office that examines and approves all federal agency budget requests. (WSJA.com, AL)
Obama should cut capital gains tax Nov 25, 2008
The non-partisan Congressional Budget Office (CBO) and the Joint Committee on Taxation have estimated that extending the capital gains tax cut enacted in 2003 would cost $100 billion over the next decade. The Administrations Office of Management and Budget included a similar estimate in the Presidents budget. (Atlanta Journal-Constitution -- Opinion)
Obama promotes fiscal restraint, big spending Nov 25, 2008
Orszag is the current director of the Congressional Budget Office. Obama's economic team embodies what at first glance seem to be mutually exclusive goals. (Albany Times Union)
Federal deficit could hit $1 trillion this year Nov 25, 2008
The Congressional Budget Office put the deficit in October, the first month of fiscal 2009, at a staggering $232 billion. Its figure included $115 billion in bank stock purchases the Treasury Department made as part of the financial bailout. (International Herald Tribune)
New PMC worker benefits Nov 25, 2008
Kathy wrote on Nov 24, 2008 4:38 PM:" Just another example of the way things are run in this county. You are never given the truth before a decision has been made. The Hospital Administration sent out an e-mail to all employees about a week before the CBO was voted on stating in essence that things were not in place in time to see the benefits package before the vote took place and were assured that the benefits would be comparable or better. Now that the CBO passed, the benefits package was... (Pocatello Idaho State Journal, ID)
Obama to Congress: Act swiftly to save jobs Nov 25, 2008
Democratic officials said he intends to name Peter Orszag, currently the head of the Congressional Budget Office, to be his budget director. Obama and President Bush spoke by telephone during the day, their first disclosed conversation since Obama's visit at the White House more than a week ago, and each man appeared eager to show a transition proceeding smoothly. (AZCentral -- News)
Boldly hewing to the center Nov 25, 2008
Orszag has been the director of the Congressional Budget Office since January 2007. Like Summers and Geithner, Orszag is closely linked to former Clinton administration Treasury Secretary Robert Rubin, known for his emphasis on fiscal responsibility. (News & Observer)
Obama taps Orszag as budget director Nov 25, 2008
Orszag, 39, is serving a four-year term as head of the Congressional Budget Office. If confirmed by the Senate, he would head the Office of Management and Budget, the agency that makes sure a president's priorities are translated into spending decisions. (USA Today)
Obama Rolls Out Economic Team Nov 25, 2008
Late Monday, Democratic Party insiders said Obama intends to name Peter Orszag, head of the Congressional Budget Office, as his budget director, Democratic officials said Monday. If confirmed by the Senate, Orszag, 39, would head the Office of Management and Budget, the agency that makes sure a president's priorities are translated into spending decisions. (Click2Houston, TX)
Obama using bully pulpit already to tackle economy Nov 25, 2008
Obama planned another news conference Tuesday to introduce Peter Orszag, the Congressional Budget Office director and the president-elect's pick to be his budget director. He also was set to outline what he described as "meaningful cuts and sacrifices" to help ease the financial crunch. (AL.com)
Obama wants swift action on massive recovery plan Nov 24, 2008
Peter Orszag, director of the Congressional Budget Office, is in line to lead the Office of Management and Budget. "We don't have time to waste here," Obama senior adviser David Axelrod told Fox News. (Boston Globe)
Health care needs tough Rx Nov 24, 2008
Moreover, the Congressional Budget Office finds "insufficient evidence to conclude that disease management programs can generally reduce overall health spending." Comparing treatment effectiveness is imperative since 30 percent of health care spending is reported as wasteful. The CBO claims that comparative studies will save $6 billion over 10 years. (Albany Times Union)
Obama vows quick action on economy Nov 24, 2008
The economic team will also include Peter Orszag, head of the Congressional Budget Office, who will be the next White House budget director. With the worsening economic turmoil certain to mark Obama's first year, his advisers say they are intent on trying to use the crisis as an opportunity to act on many of the issues he emphasized in his campaign, including cutting taxes for lower- and middle-class workers, addressing neglected public infrastructure projects like roads and schools and creating... (International Herald Tribune)
TRANSITION: More White House picks, Obama's strong signals Nov 24, 2008
Another player is Peter Orszag, head of the Congressional Budget Office, Obama's pick to be director of the Office of Management and Budget. (Update at 11:20 a.m. ET: This just in from the Obama transition team: "President-elect Barack Obama and Vice President-elect Joe Biden will hold a press conference on Monday morning to officially announce members of their economic team." The press conference is at 11 a.m. Central, noon Eastern, at a hotel in Chicago. (USA Today -- Money)
Crisis leads Obama to pick staff quickly Nov 24, 2008
"There's certainly a tremendous pressure to name the team and thereby instill some confidence in the markets," says Robert Reischauser, president of the Urban Institute and former head of the Congressional Budget Office. "There's an effort to calm jittery nerves and show that this is not going to be Amateur Hour on Jan. 20.". (USA Today -- News)
Obama picks dynamic duo to rescue US Nov 24, 2008
Congressional budget office. Peter Orszag, head of the Congressional Budget Office, has been offered Lew's old job as head of the White House Office of Management and Budget, a congressional aide and a party official said earlier this week. (Sydney Morning Herald -- Business)
Obama seeks more jobs, taps central banker Nov 24, 2008
The president-elect is virtually certain to offer Congressional Budget Office chief Peter Orszag the job of directing the White House Office of Budget and Management, and Orszag is likely to accept, Democratic officials said Saturday. Axelrod warned U.S. automakers on Sunday that they must design a plan to retool and restructure the industry if they want taxpayer help. (Roanoke Rapids Daily Herald, NC)
Lawrence Summers to Head National Economic Council Nov 24, 2008
When Mr. Orszag left that post for the Congressional Budget Office, he was replaced by Jason Furman, who became a top Obama campaign aide and who now will join the new economic team, either at the NEC or the Council of Economic Advisers. "These are not ideologues. They're practical problem solvers, which is what the markets like," said Sen. (Newsmax)
Obama Goes For Experience Nov 23, 2008
Peter Orszag, 39, now director of the Congressional Budget Office, could be White House budget chief. Orszag is a former director of the Hamilton Project, an arm of the Brookings Institution think tank that became a kind of holding pen for former Clinton economic officials. (San Francisco Chronicle -- Business)
President-elect Barack Obama pumps up his economic stimulus proposal Nov 23, 2008
He has settled on New Mexico Gov. Bill Richardson as his Commerce secretary, and Congressional Budget Office chief Peter R. Orszag is his likely choice for White House budget director. After delivering the radio address, Obama officially named a key three-member team to run his White House communications operation. (Los Angeles Times)
Obama beefs up economic plan Nov 23, 2008
The economic team will also include Peter Orszag, head of the Congressional Budget Office, who is to be the next White House budget director. Summers has advocated for a forceful government stimulus plan in recent newspaper columns, saying the federal government should be doing more, not less, in areas like health care, energy, education and tax relief. (San Francisco Chronicle -- Politics)
Obama's Treasury secretary may be announced Monday Nov 23, 2008
Peter Orszag, director of Congressional Budget Office. EDUCATION SECRETARY. (The Pantagraph newspaper)
Obama vows swift action on vast economic stimulus plan Nov 23, 2008
On Monday, Obama is to introduce his economic team, which also will include Peter Orszag, head of the Congressional Budget Office, who will be the next White House budget director. Transition officials said the economist Lawrence Summers, who was a senior economic adviser to Obama during the campaign, might also have a senior White House role, but that remained unclear on Saturday. (International Herald Tribune)
Obama rounding out economic team leaders Nov 23, 2008
In other positions, Obama is virtually certain to offer Congressional Budget Office chief Peter Orszag the job of directing the White House Office of Budget and Management, and Orszag is likely to accept, Democratic officials said Saturday. Type Size. (AZCentral -- News)
Obama sets goal for jobs Nov 23, 2008
The team is expected to include former Treasury Secretary Lawrence H. Summers and Peter R. Orszag, head of the Congressional Budget Office. Summers, who was already serving as a campaign adviser to Obama, has advocated for a forceful government stimulus plan, saying the federal government should be doing more, not less, in areas such as health care, energy, education and tax relief. (News & Observer)
Obama names Geithner, outlines jobs plan Nov 23, 2008
The president-elect is virtually certain to offer Congressional Budget Office chief Peter Orszag the job of directing the White House Office of Budget and Management, and Orszag is likely to accept, Democratic officials said Saturday. In his radio address Saturday, Obama acknowledged that evidence is growing the country is "facing an economic crisis of historic proportions." He noted turmoil on Wall Street, a decrease in new home purchases, growing jobless claims and the menacing problem of... (Erie Times-News, PA)
Team Obama Takes Shape Nov 22, 2008
Orszag is the current director of the Congressional Budget Office. MMVIII, CBS Interactive Inc. All Rights Reserved. (CBS News)
Obama Choosing Deep Experience Nov 22, 2008
Peter Orszag, 39, now director of the Congressional Budget Office, could be White House budget chief. Orszag is a former director of the Hamilton Project, an arm of the Brookings Institution think tank that became a kind of holding pen for former Clinton economic officials. (San Francisco Chronicle -- Politics)
Who's vying for Obama administration jobs? Nov 22, 2008
Peter Orszag, director of Congressional Budget Office. . (Atlanta Journal-Constitution)
HUD needs overhaul, Obama is warned Nov 21, 2008
But at that pace, HUD will not come close to providing assistance to 400,000 families, a number the Congressional Budget Office calculated that the agency could help keep in their homes over three years. "It's all been a lot of wishful thinking," John Taylor, president of the National Community Reinvestment Coalition, said of HUD's effort to stop foreclosures. (Boston Globe)
Tuning out the braindead megaphone Nov 21, 2008
The Congressional Budget Office says America's fiscal gap is "driven primarily by rising health care costs," meaning a fix is an imperative. "People ask whether (Obama) has the fiscal breathing room to push health-care reform," economist Jared Bernstein told the Washington Post. (San Francisco Chronicle -- Opinion)
Senator Clinton considering secretary of state post Nov 20, 2008
And Obama appears to have settled on Congressional Budget Office chief Peter Orszag to be his budget director, Capitol Hill Democrats said ... Within the Clinton administration and as director of the Congressional Budget Office, he has preached the need to address the budget deficit. (Boston Globe)
Clinton weighing State post Nov 20, 2008
Peter Orszag, director of Congressional Budget Office. EDUCATION SECRETARY. (The Pantagraph newspaper)
Holder seen as Justice Dept. pick as Obama begins to settle on team Nov 19, 2008
Obama is set to hire Peter Orszag, the director of the Congressional Budget Office, as the White House budget director, people involved in the transition said. They said the leading candidate at this point for another top post on the economic team, director of the National Economic Council, is Jacob Lew, who was Clinton's budget director. (International Herald Tribune)
CBO chief likely pick as budget director Nov 19, 2008
The 39-year-old CBO director has been reluctant to leave Capitol Hill's budget agency in the middle of his four-year term, but Democratic aides said Tuesday that Orszag seems likely to accept the job if it is offered ... As CBO director, Orszag would bring an in-depth view of the budget to Obama's still unnamed economic team ... Within the Clinton administration and as CBO director, he has preached the need to address the budget deficit, which economists such as former Clinton Treasury Secretary... (International Herald Tribune)
BRIDGES TO NOWHERE Nov 18, 2008
"Practically speaking, public works involve long start-up lags," the Congressional Budget Office wrote in a study this year. "Large-scale construction projects of any type require years of planning and preparation. Even those that are 'on the shelf' generally cannot be undertaken quickly enough to provide timely stimulus to the economy.". (New York Post -- Opinions)
Cap And Refund Nov 15, 2008
Well, the Congressional Budget Office estimates that auctioning permits will raise between $100 billion and $300 billion a year. It depends how stringent the cap is. (Forbes)
US budget deficit mounting at $10b a day Nov 14, 2008
Today's total exceeds the $US232 billion gap predicted by the Congressional Budget Office on Nov. 10. Corporate income tax receipts fell to $US81 million in October, from $US6 billion a year earlier, according to the Treasury. (Sydney Morning Herald -- Business)
Bailout lacks oversight Nov 13, 2008
Meanwhile, the Congressional Budget Office, which also has some oversight responsibilities, is worried about the difficulty of hiring people who can understand the intensely complicated financial work involved. The legislation grants the special inspector, who is expected to be the primary overseer of the program, a budget of $50 million. (MSNBC -- Race)
Medical office nearly complete Nov 13, 2008
On Nov. 4, voters approved the Community Benefit Organization, which will allow the Bannock County Commission to turn over the assets of PMC to the Portneuf Health Care Foundation, which will invest them in the CBO, a joint venture with Legacy. The PHCF will get 23 percent ownership of the CBO in exchange ... Legacy will invest 200 million into the CBO, which will be used to pay off PMC's debt and finance construction of the new facility on Hospital Way. (Pocatello Idaho State Journal, ID)
Bond insanity Nov 12, 2008
Bill Bonner here at The Daily Reckoning is apparently not ready to ascribe to my new Mogambo Drug Addicts And Moron Bond Theory (MDAAMBT), but seems more horrified by how much money has been lost, as "Stock markets around the world have deflated by about $10 trillion. US housing has deflated by about $5 trillion", and I seem to recall that the director of the Congressional Budget Office, Peter Orszag, testified that some $2 trillion in retirement savings has been lost over the past year or so.... (Asia Times Online)
Retirement fund loses almost $1 billion Nov 12, 2008
A Congressional Budget Office report last month said that nationwide, such accounts may have lost $2 trillion since the beginning of the year. The numbers are disquieting on a local and national level and may have implications here for state and county budgets because of the way the ERS is funded. (Honolulu Advertiser)
Names Floated for Top Obama Jobs Nov 12, 2008
Peter Orszag, director of Congressional Budget Office. Jack Lew, White House budget director under President Clinton. (Newsmax)
Economic Stimulus 2009 Nov 10, 2008
However, the Congressional Budget Office estimates that the money for infrastructure development is generally spent at a rate of less than 30% per year, and funds given to states may also be saved by those states. Therefore, it may be as effective to increasing consumer spending to give funds directly to the individuals (Economist, 2008). (Suite101.com)
