The worst seems to be over, President Obama’s budget director said yesterday. But he warned against taking signs of economic recovery as a reason to celebrate or delay changes in health care policy.
Peter Orszag said the nation’s economy appears to have bottomed out, even as the White House prepared to revise its budget projections to reflect higher-than-expected unemployment. He said an improving economy and changes to how the United States provides health care would help narrow federal deficits.
“I think what happened is the free-fall in the economy seems to have stopped and we’re – I guess the analogy (is) there are some glimmers of sun shining through the trees, but we’re not out of the woods yet,” said Orszag, the director of the Office of Management and Budget.