Economics

Tightwad Orszag Finds New Role

Peter Orszag, the White House's budget chief, has spent his career fighting widening budget deficits. Now, the man perhaps better known for his racy love life is learning how to accommodate his values to the Great Recession, where thrift may not be the wisest course for the government. Both President Obama's chief of staff and one of his chief economic advisers believe narrowing the deficit must fall down the administration's priority list. On Monday, Orszag will unveil the 2011 federal budget—one which, according to The Wall Street Journal, will take note of the escalating deficit but does little to conquer it. Republicans say Obama should follow Orszag's instincts but Orszag's fellow economists say focusing on debts now could impede the economy's potential growth.