Office of Management and Budget Director Peter R. Orszag plans to step down in July, making him the first Obama Cabinet official to leave, according to a Bloomberg report. The departure isn't altogether unexpected; according to Bloomberg, the budget chief tried to leave in April but stayed on at the president's request. As Bloomberg points out, Orzag's exit will leave a senior level hole as the president is trying to cut the ballooning deficit. We will have more on his resignation shortly.
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