Orszag says he's leaving as budget head in July

By BEN FELLER (AP) – 49 minutes ago

WASHINGTON — White House Press Budget Director Peter Orszag says he's stepping down next month.

Orszag, who served a grueling stint as director of the Office of Management and Budget, a Cabinet-level rank, confirmed his planned resignation in a brief interview with The Associated Press on Tuesday. He said he views passage of last year's economic recovery act as his most significant accomplishment.

White House Press Secretary Robert Gibbs said Tuesday that "a number of very talented candidates" were being considered to replace Orszag. Gibbs said Orzag has served on an economic team that "has faced the greatest economic crisis any president has faced since the Great Depression."

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

WASHINGTON (AP) — White House Press Secretary Robert Gibbs says Budget Director Peter Orszag has decided to leave his job.

Gibbs on Tuesday confirmed Orszag's planned resignation after a grueling stint as director of the Office of Management and Budget, a Cabinet-level rank that gave him a pivotal role in shaping and defending how the administration spends the public's money.

Gibbs didn't give a timeline but said it would before the administration begins to write its next budget. The budget isn't released until February but work on it begins well ahead of that.

"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. It is an enormous task," Gibbs said.