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

OBAMA: Just because a program, a special interest tax break, or corporate subsidy is hidden in this year's budget does not mean that it will survive the next. The old ways of Washington simply can't meet the challenges of today and tomorrow.

And no one is more able or more qualified to assist Peter in this work than deputy director of the OMB that I am nominating, Robert Nabors.

Rob will bring to this post experience in the executive branch, at the OMB, where he helped the Clinton administration achieve balanced budgets, as well as in the legislative branch, where he led the Appropriations Committee staff as a driving force for a responsible budget.

Together, Peter and Rob will help steer our budget through Congress so that I can sign it into law.

Now, let me be clear: These appointments, as well as the appointments that I announced yesterday, are not the sum of my economic team. These appointments are going to work closely with those that I have not yet announced -- those include the secretaries of energy and labor, commerce and health and human services, as well as others in my administration -- to design a recovery plan for both Wall Street and Main Street and to put our economy on a path to long- term growth and prosperity.

Because, at this moment, we must not only restore confidence in our markets; we also must restore the confidence of middle-class families that their government is on their side, that it's working for them and on their behalf to meet their families' needs.