OMB

Ever since President Obama gave his speech on deficit reduction last month, in response to the Paul Ryan-authored 2012 House Republican budget, press accounts have suggested that he has released an actual budget that would reduce deficit spending by $4 trillion. This claim is wrong on both counts: Obama has not released a second budget, and the proposals he outlined in his speech and its corresponding "framework" would not reduce deficit spending by anywhere near $4 trillion.

Well, the most glamorous power nerd after Barack Obama, of course. Office of Management and Budget head Peter Orszag is leaving the White House, Robert Gibbs confirmed in the White House press briefing today. He will be the first member of the Obama cabinet to leave the administration. 

Orszag is likely to leave for a think tank job before the Obama administration begins its next budget. And, who can blame him? It's been a rough year and a half for a numbers man: