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Ex-Clinton economist to head budget office

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Former Clinton administration economist Douglas Elmendorf will be named to replace Peter Orszag as director of the Congressional Budget Office, House Speaker Nancy Pelosi announced Tuesday.

Orszag resigned last month after being designated by President-elect Barack Obama to head the White House Budget Office.

Elmendorf currently is director of the Hamilton Project at the Brookings Institution. He has a previous stint at CBO and worked for the Council of Economic Advisers and the Treasury Department during Clinton's second term.

The Hamilton Project's philosophy is that "long term prosperity is best achieved by making economic growth broad-based, by enhancing individual economic security, and by embracing a role for effective government in making needed public investments."

Elmendorf is an expert in financial markets and international finance and seems a good fit for the agency as it grapples with the budgetary and economic consequences of this fall's $700 billion bailout of the financial system.