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Orszag: "It's Going To Take Some Time"

On CBS News The Early Show this morning, Peter Orzag, director of the Office of Management & Budget, defended President Obama's economic plans in the face of stock market's continued downward trend. He also continued laying blame on the Bush administration.

"It's way too soon to start judging success or failure here," Orszag said. "We need to give a little bit of time. We inherited a big mess. We inherited a trillion dollar gap between how much the economy could produce and how much it is producing each year. And we inherited these trillion-dollar deficits. It's going to take some time to work our way out. But that is what we are doing."

You can watch the whole interview below:

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