Tags: budget | chief | orszag

Obama Budget Chief: Heavy Deficits for a Decade

Tuesday, 13 Jan 2009 02:57 PM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

WASHINGTON – President-elect Barack Obama's pick to run the White House budget office says the U.S. will likely have bruising budget deficits over the next decade.

Peter Orszag testified at his confirmation hearing Tuesday that he expects budget deficits equaling 5 percent of the size of the economy for the next five or 10 years.

That's a significant jump from those recently experienced and represent levels that have always in the recent past prompted painful deficit control efforts.

Orszag, nominated by Obama to run the Office of Management and Budget, told the Senate Budget Committee that a long-term goal of the incoming administration is fiscal restraint to prevent even worse deficits that will largely result from inflation in the health care sector and its effects of Medicare and Medicaid.

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Late GOP Runoff Dates Giving Democrats Time to Raise Money

Wednesday, 23 Jul 2014 11:26 AM

Democratic candidates are taking advantage of Republicans' late runoff dates in this election cycle's primary process to . . .

Coal Group Slams Grimes Ad Attacking McConnell on Jobs

Wednesday, 23 Jul 2014 11:24 AM

Democrat Alison Lundergan Grimes has been blasted by the Kentucky Coal Association over a TV ad blaming Senate Minority  . . .

David Perdue: Ga. Senate Campaign Will Focus on Obama's Failures

Wednesday, 23 Jul 2014 10:40 AM

Georgia's Republican candidate for the Senate David Perdue said the focus of his campaign will be the failed policies of . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved