WASHINGTON, (KUNA): Obama budget deficit set to be huge: Orszag, Romer to discuss USD 3.8-trillion budget. Two top White House economic advisers will discuss President Barack Obama's proposed USD 3.8 trillion-dollar federal budget at a news conference this morning, the White House announced on Monday.
The budget plan the President will submit to Congress today calls for billions of dollars in new spending to combat high unemployment and bolster the middle class, according to the Washington Post, which said the plan also would slash funds for hundreds of programs, while raising taxes on banks and the wealthy to help rein in soaring budget deficits.
White House Office of Management and Budget Director Peter Orszag will discuss the budget plan at a news conference at the Eisenhower Executive Office Building next to the White House.
Christina Romer, chairwoman of the Council of Economic Advisers, will join Orszag to discuss economic assumptions on which the budget plan was based, the White House said.
