WASHINGTON, D.C. - Over the last few days, Senator Obama has announced much of his economic team, called on the Congress to pass a large stimulus bill and vowed to root out waste and inefficiencies in the budget as President. The Committee for a Responsible Federal Budget (CRFB) congratulates President-elect Obama for selecting outstanding economic talent and commends his continuing focus on stabilizing the economy and finding savings in the federal budget.

"President-elect Obama has put together an excellent team of economic advisors, showing that he is quite serious about getting the economy back on a sound footing and addressing the nation's fiscal problems," said Maya MacGuineas, President of CRFB. "Larry Summers and Paul Volcker have been outstanding members of our board, and we have had the pleasure of working closely with Peter Orszag. I know these experts will do a great job in their new positions."

Obama has nominated Secretary Summers to serve as Director of the President's National Economic Council, Chairman Volcker to head a new financial crisis advisory panel, and Director Orszag to serve as Office of Management and Budget Director. Another key member of the team, Timothy Geithner who will serve as Secretary of the U.S. Treasury, is extremely well qualified for the job.

"This is a fantastic team, but they really have their work cut out for them," MacGuineas continued. "Not only are we facing a once-in-a-lifetime financial crisis, but our deficit is out of control - and headed on an unsustainable path. And while we appreciate Obama's call to cut wasteful and unnecessary spending, the real money will come from making difficult choices on tax and entitlement issues."

CRFB urges Congress and the President-elect to link any new stimulus with a credible plan to eventually pay for the increased debt. We also urge members of both parties to begin an open and honest discussion about the nation's fiscal future that puts every option on the table.

The Committee for a Responsible Federal Budget is a bipartisan organization committed to educating policy makers and the public about issues related to fiscal policy. The Committee is located at the New America Foundation. Please visit www.crfb.org.