Budget Director Orszag to resign in July

White House budget director Peter Orszag will resign, according to several news reports Monday night.

Orszag, who is expected to leave his job in July as the head of the Office of Management and Budget (OMB), would be first Cabinet official to depart the Obama administration. 

It's not uncommon for budget directors to take their leave before the end of a president's first term, and Orszag never intended to remain beyond two years. 

Previously head of the Congressional Budget Office, the 41-year-old economist has played a major role on the White House economic team struggling to implement policies to pull the nation out of a severe recession. Orszag also played a central part in the healthcare battle. 

One likely successor to Orszag is Gene Sperling, who is now a counselor to Orszag at OMB. 

By leaving now, Orszag is giving Obama some time to name and see confirmed a successor who would help OMB develop a budget to send to Congress early next year. 

Earlier this spring, there was talk that President Barack Obama had asked Orszag to stay in his job. But with the next budget cycle rapidly approaching and Orszag's nuptials set for September, he opted to make an exit.