President Obama announced Tuesday that one of his main economic advisors, Lawrence Summers, will be leaving at the end of the year.
With his departure, Summers will be the third high-ranking administration official to leave. The others are Christina Romer, who chaired the Council of Economic Advisors, and Peter Orszag, who headed the Office of Management and Budget.
The announcement of Summers’s departure comes amid deep public anxiety over Obama’s handling of the economy. Unemployment is hovering near 10% and the economic recovery has been far slower than the White House had hoped.
Summers' resignation is a victory of sorts for Obama's main Republican foil, House minority leader John Boehner of Ohio.
In a speech last month in Cleveland, Boehner called upon the president to fire both Summers and Treasury Secretary Tim Geithner. (See full story here)