Orszag Will Be Director of OMB

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The Man With A Plan

During the second of three expected news conferences, President-elect Barack Obama reassured the nation that he is ready to take over on Jan. 20th. Dean Reynolds reports.

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Orszag's prognosticating has sometimes fallen short.

In September, he told a group of reporters that "the risk of recession is clearly elevated, but the most likely scenario appears to be one in which economic growth continues."

Six years ago, he co-wrote a paper that projected a generally upbeat future for mortgage giants Fannie Mae and Freddie Mac. However, the paper offered one caveat: The government-sponsored mortgage associations "would likely require government assistance only in a severe housing market downturn."

Orszag, a marathon runner and Red Sox fan who grew up in Lexington, Mass., worried that the administration job would take time away from his two children, of whom he has joint custody with his ex-wife.

"Once he became comfortable about that, it was a no-brainer for him," Jonathan Orszag said.

Staff writer Glenn Kessler and research editor Alice Crites contributed to this report.