WASHINGTON – The Obama administration has alerted domestic agencies to plan for a freeze or even a 5 percent cut in their budgets, part of an election-year push to rein in record deficits that threaten the economy and Democrats' political prospects next fall.
China, the largest foreign holder of U.S. Treasury securities, has expressed concern about the size of U.S. deficits. U.S. policymakers worry that alarm over deficits could push foreigners into cutting back on their purchases of Treasury debt. President Barack Obama will visit China as part of his current tour of Asia.
White House budget director Peter Orszag said Friday that it is imperative to start curbing the flow of red ink in coming years so as not to erode the fledgling economic recovery and raise interest rates. But he called it a balancing act and said acting too fast could undercut the recovery.
Answer by LiliM at 8:00 PM on Nov. 13, 2009
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Answer by tnmomofive at 5:58 PM on Nov. 13, 2009
It would have impressed me more if he had this epiphany BEFORE he spent over a trillion dollars.
Answer by QuinnMae at 6:10 PM on Nov. 13, 2009
Answer by waldorfmom at 6:14 PM on Nov. 13, 2009
Next question overall
(Home & Garden)
is there a way to remove paint from base molding without ruining the molding?