US: Obama's budget chief says US economy has almost bottomed out
18 May 2009 12:54 AM
WASHINGTON, May 17 AP - The White House's budget director says the US. economy has almost bottomed out and the sense of economic free-fall is over.
Peter Orszag says that as the economy improves in the months ahead, the nation's budget will run lower deficits. He also says that the Obama administration's financial assumptions are going to be updated because of higher-than-expected unemployment rates.
The budget director says President Barack Obama is committed to changes in the health care system this year. Orszag says the president's plan to provide health care to millions of uninsured Americans will not add to the federal deficit in the short term, and actually reduce it in coming years.
Orszag spoke on CNN's `State of the Union'.
