Budget chief says deficits "unacceptably high"

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WASHINGTON | Fri Mar 18, 2011 3:51pm EDT

WASHINGTON (Reuters) - White House budget director Jack Lew said on Friday that newly released projections that the budget deficit will total $1.4 trillion in the current fiscal year showed the need to tame "unacceptably high" deficits.

Lew wrote in a blog post that if the United States stays "on our current course and do nothing, the fiscal situation will hurt our recovery and hamstring future growth."

(Writing by Caren Bohan; Editing by Philip Barbara)
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Comments (3)
Matt-Chicago wrote:
no way!

Mar 18, 2011 4:03pm EDT  --  Report as abuse
ogobeone wrote:
I propose a tax increase.

Mar 18, 2011 4:33pm EDT  --  Report as abuse
Trooth wrote:
I propose massive spending cuts. Cut spending in education, military, nix obamacare, nix the prescription program (stop protecting American Pharamaceutical companies from competition from foreign markets ie cheap prescriptions from Canada), cut the government handouts, cut the international handouts to everyone, bring the military home, cut all of the tax credits, cut the Bush tax credits, get social security and medicaid/medicare off the federal budget (I did not say eliminate them, I am saying give us an option for privatization if we want, and get them away from the US budget. Social Security isn’t feeling very secure for me right now).

There is nothing sacred we must get the budget balanced, and then start paying on the debt we already have. We do have to pay interest, and if things continue the way the are all of the programs I mention above will have to be cut just to pay the interest on our credit card bill.

Mar 19, 2011 8:25am EDT  --  Report as abuse
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