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Romer, along with Vice President Joe Biden's top economist, Jared Bernstein, wrote in a January 2009 report that the economic stimulus package Obama was proposing would keep unemployment under 8 percent. Without the stimulus, the report said employment would rise to about 9 percent in 2010. Yet unemployment has surpassed that figure. Republicans have seized on that point. On Friday, the government will release unemployment numbers for July that are expected to show a loss of 65,000 jobs because of the end of temporary positions with the U.S. Census Bureau. The unemployment rate is not expected to budge much from its current 9.5 percent. Romer called her work the "honor of a lifetime". She said: "While I look forward to returning to research and teaching, the opportunity to help shape economic policy these past 20 months, and to work with the other members of the economic team and my colleagues on the CEA, is one I will always cherish."
A person close to Romer said she is a top contender to be named president of the Federal Reserve Bank of San Francisco, an appointment that would be made by the regional organization's board of directors. The source spoke on condition of anonymity because a decision has not been made. Orszag announced his resignation in June after a grueling, nonstop sprint as director of the Office of Management and Budget and as a key adviser to Obama. During his tenure, Congress passed the most expensive economic stimulus program in U.S. history and a massive health care reform bill. Orszag oversaw Obama's first two budgets too. White House press secretary Robert Gibbs said at the time that Orszag decided to leave before work began on a third.
[Associated
Press;
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