for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Bonds News

High U.S. budget deficits not Obama's fault-Orszag

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

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up