White House Budget Chief Stepping Down

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White House budget director and top Obama advisor Peter Orszag will step down next month, becoming the first high-profile member under the president to leave the administration.

White House Press Secretary Robert Gibbs said Tuesday that "a number of very talented candidates" are being considered to replace the 41-year-old.

Orszag became one of the most important members of the administration as he helped shape the massive stimulus and health care programs through Congress.

"Peter has served alongside and within a valuable economic team that has faced the greatest economic crisis any president has faced since the Great Depression," Gibbs said. "It is an enormous task."

As Director of the Office of Management and Budget, Orszag holds Cabinet-level rank and oversaw President Obama's first two budgets.

He also served during the Clinton administration as an economic adviser.

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