(CNN) - Two sources close to the transition tell CNN that on Tuesday, President-elect Barack Obama will officially unveil Peter Orszag as his nominee for director of the Office of Management and Budget at a press conference in Chicago.
Obama hinted at this at an event Monday, when he suggested his Tuesday event would focus on finding cuts in the federal budget to help dig the nation out of the fiscal crisis.
“Full recovery will not happen immediately,” Obama told reporters. “And to make the investments we need, we’ll have to scour our federal budget, line by line, and make meaningful cuts and sacrifices as well, something I will be discussing further tomorrow."
(Updated 6:25 p.m.: Bill Richardson is still on track to be named Commerce Secretary, but not Tuesday.)