W.House’s Orszag warns of dangers of huge deficits

WASHINGTON, April 27 (BestGrowthStock) – President Barack Obama’s
top budget adviser, Peter Orszag, said on Tuesday that the U.S.
government must significantly alter its policies in order to
tackle a growing mountain of debt.

Orszag warned that huge deficits could cause the market to
lose confidence in a government’s creditworthiness.

Out-of-control deficits could also “require increased
borrowing abroad which will mortgage our future income to
foreign creditors,” Orszag told the first meeting of the
18-member National Commission on Fiscal Responsibility and
Reform.

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(Reporting by Kim Dixon and Ross Colvin, editing by Jeff
Mason)

W.House’s Orszag warns of dangers of huge deficits