“In these challenging times when we are facing both rising deficits and a sinking economy, budget reform is not an option it is a necessity. We cannot sustain a system that bleeds billions of taxpayer dollars on programs that have outlived their usefulness, or exist solely because of the power of politicians, lobbyists or interest groups,” Obama added.
He aims to tackle the crisis by jump-starting the economy, cutting taxes on middle-class Americans and help in saving and creating 2.5 million jobs through investing in the national infrastructure, especially the areas of energy, technology and health care modernization. He wishes the new budget to be sensible and cost effective.
Obama has also announced the nomination of Peter Orszag, currently serving as director of the U.S. Congressional Budget Office, as Director of the Office of Management and Budget (OMB), and Robert Nabors as deputy director. The other two key economic advisors of Obama’s team will be Timothy Geithner, US Treasury Secretary, former President of New York Federal Reserve and Lawrence Summers Director, White House National Economic Council, former Treasury Secretary.
He added that to meet these challenges both Republicans and Democrats will have to work together as a “common-sense government” that the American people need.
Vocabulary:
- president-elect – megválaszott elnök
- to eliminate – megszüntet
- raising deficit – emelkedő
- to sustain – fenntart
- bleed – vérzik, itt elfolyat
- to outlived – túlél
- to jump-start – ugrásszerűen fellendít
- nomination – kinevezés
- deputy – helyettes
- to meet these challenges – felnőni ezekhez a kihívásokhoz
