The federal budget deficit had reached $455 billion for the last fiscal year and is expected to go significantly higher.
Wired PR News.com – President Elect Barack Obama has stated that economic recovery initiatives will come before concerns over the budget deficit after he takes office in January. As reported by the Associated Press (AP), increasing devastations for the economy have made recovery a pressing need, however Obama did pledge a thorough review of the budget to avoid unnecessary spending.
The President Elect’s comments were made Tuesday during announcement of the appointment of Peter Orszag for Budget Director for his administration. Orszag is currently the Congressional Budget Office head. Obama stated “Budget reform is not an option. It is an imperative. We cannot sustain a system that bleeds billions of taxpayer dollars on programs that have outlived their usefulness, or exist solely because of the power of a politician, lobbyist or interest group.” Obama also named Robert Nabors for the position of Office of Management and Budget deputy director on Tuesday.
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