President-Elect Barack Obama Announces Peter Orszag as Director of Office of Management and Budget

SPEAKER: PRESIDENT-ELECT BARACK OBAMA

[*] OBAMA: Good morning, everybody.

Yesterday, we talked about the need to jump-start our economy. I speak to you today mindful that we meet at a moment of great challenge for America, as our credit markets are stressed and our families are struggling. But as difficult as these times are, I'm confident that we're going to rise to meet this challenge, if we're willing to band together and recognize that Wall Street cannot thrive so long as Main Street is struggling; if we're willing to summon a new spirit of ingenuity and determination; and if Americans of great intellect, broad experience, and good character are willing to serve in our government at its hour of need.

Yesterday, I announced four such Americans to help lead the economic team that will advise me as we seek to climb out of this crisis. Today, I'm pleased to announce two other key members of our team: Peter Orszag as director and Robert Nabors as deputy director of the Office of Management and Budget.

Now, before I explain why I selected these outstanding public servants, let me say a few words about the work that I'm asking them to undertake.

As I said yesterday, the economic crisis we face demands that we invest immediately in a series of measures that will help save or create 2.5 million jobs and put tax cuts in the pockets of the hard- pressed middle class. Many of those new jobs will come in areas such as energy independence, technology, and health care modernization that will strengthen our economy over the long term.

But if we are going to make the investments we need, we also have to be willing to shed the spending that we don't need. In these challenging times, when we're facing both rising deficits and a shrinking economy, budget reform is not an option. It's a necessity.