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High U.S. budget deficits not Obama's fault-Orszag
WASHINGTON |
WASHINGTON May 11 (Reuters) - High U.S. budget deficits are being driven by an economic crisis that President Barack Obama inherited, White House Budget Director Peter Orszag said on Monday.
Orszag, writing in a blog posting, also said that the administration's latest budget deficit estimates -- which were revised upward by $89 billion and $87 billion for this year and next, respectively -- reflect the latest data on tax receipts, federal bailouts and other government costs.
(Reporting by Caren Bohan and Richard Cowan)
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