Click to play videoNew York: US president-elect Barack Obama has nominated one more official into his economic team.
Peter Orszag was chosen to head the Office of Management and Budget, the president's chief number-crunching department.
Obama on Monday introduced his key economic advisers, including his choice for Treasury Secretary, Tim Geithner.
However, with the Federal Reserve unveiling a plan to pump $800 billion into the economy, there were growing fears that the new team would sing more of the bailout song.
Obama, however, pledged to go through the Federal Budget line by line and eliminate programmes that don't work.
He claimed his plan would be 'bold but careful'.
He also set to rest rumours that he is planning another massive bail out package to boost the economy.
"One of the concerns people have is that you got this large stimulus package the new president is proposing. Is this going to be more of the same when it comes to Washington's spending, my answer is no. We are going to have to jumpstart the economy and there is consensus that that requires bold planning to make investments for the future...but we must make sure that those investments are wise and we are not wasting money in every area," Obama said.
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