12:06 PM: Obama reiterated his pledge to go “line-by-line” through the federal budget looking for failed programs:
Budget reform is not an option. It’s a necessity. We can’t sustain a system that bleeds billions of taxpayer dollars on programs that have outlived their usefulness. We simply can’t afford it.
12:00 PM: On top of yesterday’s economic team announcements, the president-elect made two more official nominations today:
- As expected, Congressional Budget Office director Peter Orszag will take over as head of the Office of Management and Budget;
- Rob Nabors, the staff director of the House Appropriations committee, will be Orszag’s deputy at OMB.
Obama is holding a press conference at noon ET; we’ll update with any interesting comments.