us budget deficit

James Politi

Peter Orszag, the all-powerful White House budget director, will be the first senior member of President Barack Obama’s economic team to leave the administration, probably in a few weeks’ time.

His departure, while not unexpected, leaves a significant gap that Mr Obama will surely try to fill as soon as he can given the urgency with which America’s dire fiscal position needs to be tackled.

Despite Mr Orszag’s young age of 41, he is considered one of the most influential budget director in decades, playing a pivotal role in engineering Mr Obama’s two signature pieces of legislation so far: the stimulus bill and healthcare reform.

This will make him tough to replace, and the most likely candidates at this point are Read more

Simone Baribeau

The Congressional Budget Office today released its outlook for the budget deficit. No surprise: the deficit, as a proportion of GDP, is expected to fall considerably from 9.9 per cent in 2009 to 2.6 per cent in 2015, after which it will rise again.
What’s going to make it go up after 2015? Health care, of course. Here’s a pretty phenomenal graph Read more