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STEVE CHIOTAKIS: The Congressional Budget Office says the U.S. budget deficit will balloon to nearly $1.2 trillion in fiscal 2009 — the economic fallout being blamed for the added digits.

President-elect Barack Obama has said deficits could run into the trillions
for the next few years as his administration tries to get the economy moving again. Part of that strategy is a White House that would oversee efforts to control spending, government accountability and the huge deficit. It’s called the White House Performance Officer. And a former Assistant Treasury Secretary under President Clinton, Nancy Killefer, has been tapped for that position.

PRESIDENT-ELECT OBAMA: When Nancy was offered her first position at Treasury, she responded, and I quote, “If you are willing to embrace significant change, then you’re looking at the right person. But if you just want to keep the trains running on time, don’t ask me to do this job.” When I heard that, I knew I’d chosen exactly the right person for the challenges we face.

Mr. Obama says he wants a team of people to streamline efforts to reduce government waste.