Word is that White House budget director Peter Oszag is gone by the end of next month. Whether he’s resigning or being fired like Stanley McChrystal is unknown.

Orszag would be the first of President Obama’s cabinet to leave, though rumors of a Rahm Emanuel exit at the end of the year are widespread.

The weaselly-looking budget director was the mastermind of the failed $800 billion stimulus package, and he’ll be departing after directing a $1.3 trillion deficit this year. The federal budget is so out of control that Congress won’t even pass one this year.

But that’s not the only embarrassment Orszag will be responsible for in the public eye. He is the first cabinet-level official in modern memory to sire and abandon an illegitimate child while in office. That used to be a big deal; it’s not anymore, apparently.

In any event, Oszag won’t be missed. It’s unlikely he’ll be replaced by anyone markedly better.