Projected U.S. budget deficits are too high and could force up interest rates and crowd out investment unless the country takes action, the head of the White House budget office said on Tuesday.
The Obama administration reported a record U.S. budget deficit for last fiscal year of $1.4 trillion, or 10 percent of GDP, after it rescued the economy and some of the United States' biggest banks from the worst recession in 70 years.
Next year's fiscal shortfall is expected to be about the same size, and current projections show $9 trillion in deficits over the next 10 years, averaging about 5 percent of GDP, Office of Management and Budget Director Peter Orszag said.
"Deficits of... Full Story
