New York (CNNMoney.com) - In his $3.8 trillion budget for next year, President Obama on Monday will lay out how Congress can lighten the country's debt load.
Specifically, he outlines a plan to reduce the nation's debt by $1.2 trillion over the next 10 years, and to get annual deficits as a percent of the economy down from 10.6% today, to 3% by 2015.
His plan consists of seven main pieces, some of which bank on some big assumptions.
Washington (CNN) – President Obama’s top budget official acknowledged Wednesday fathering a child out of wedlock, less than two weeks after announcing his engagement to another woman.
Office of Management and Budget Director Peter Orszag and the mother of the child, Claire Milonas, released a statement announcing the birth of their daughter soon after the New York Post reported the news on its Web site.
“We were in a committed relationship until the spring of 2009,” Orszag and Milonas said in a joint statement. “In November, Claire gave birth to a beautiful baby girl. Although we are no longer together, we are both thrilled she is happy and healthy, and we would hope that everyone will respect her privacy.”
Orszag recently announced his engagement to ABC News Correspondent Bianna Golodryga.
(CNN) - The White House's so-called "money-hunk" is engaged.
Office of Management and Budget Director Peter Orszag is set to marry ABC News correspondent Bianna Golodryga, Golodryga announced on ABC's Good Morning America Tuesday.
The couple first met at the White House Correspondents Dinner last May, and the man who White House Chief of Staff Rahm Emanuel once said "made nerdy sexy" soon won Golodryga's heart.
"[He's] tall, dark and he could say Golodryga and spell it after our first date. That is a winner in my book," she said.
The 31-year-old Golodryga, has worked for ABC since 2007 and mainly reports on business issues. Orszag, 41, is the former director of the Congressional Budget Office and a former veteran of the Clinton administration.
WASHINGTON (CNN) - The White House has criticized the Congressional Budget Office's findings that the Obama administration's proposal to control Medicare costs would yield a moderate savings of $2 billion over the next decade.
White House Budget Director Peter Orszag said the CBO's analysis - which it relayed to House Majority Leader Steny Hoyer on Saturday - could feed a perception of the office's bias toward "exaggerating costs and underestimating savings."
"The point of the proposal ... was never to generate savings over the next decade," Orszag said in a letter posted on Saturday.
"Instead the goal is to provide a mechanism for improving quality of care for beneficiaries and reducing costs over the long term."
WASHINGTON (CNN) – White House Budget Direct Peter Orszag said Sunday that the struggling economy has backed away from the precipice it was teetering on late last year but a return to economic growth has not occurred yet.
“Where we are is the sense of free fall that we had back in December . . . we’ve stepped back from that precipice but we’re not yet in the growth zone,” Orszag said on CNN’s State of the Union. “Most private sector forecasters are suggesting that won’t happen till later this year.”
Orszag also said Sunday that unemployment – now approaching 10 percent nationally – could take some time to turn around.
“None of this is easy,” Obama Budget Director Peter Orszag said Sunday on CNN’s State of the Union, “there’s a reason why this hasn’t happened in 50 years and we’re making a lot of progress.”
Orszag reiterated the president’s commitment to sign a health care reform bill only if it is deficit-neutral over the first ten years after passage and Orszag acknowledged that “in the short run, some additional revenue is going to be required” to meet that condition.
Orszag revealed Sunday the White House has proposed to Congressional leaders legislative text relating to an independent commission of doctors. That panel, the administration believes, would help make the policymaking process more flexible by ultimately leading to lower health care costs and higher quality over time.
Orszag also told CNN Chief National Correspondent John King that getting the legislation done by August remains the White House’s “goal.”
WASHINGTON (CNN) – White House Budget Director Peter Orszag offered a window Sunday into President Obama’s ambitious plans to reform the nation’s health care system while dealing with record budget deficits and the nation’s struggling economy.
“We have always said health care reform has to be deficit-neutral over a five- or ten-year window,” Orszag said on CNN’s State of the Union when asked whether the White House might take on higher deficits in order to fund one of the president’s big domestic agenda items.
“And then much better than that over the long term. So we are very committed to making sure that health care reform is self-financing and also brings down costs over time both for families and for the federal government. So you are not going to see a deficit-increasing health care reform.”
Obama’s budget guru refused to say whether the president would sign a health care reform legislation that included a provision taxing employer-provided health care insurance benefits as one means of helping to finance health care reform.
“It was not in the president’s campaign plan, it wasn’t in our budget. Clearly there are some members of Congress who are putting it on the table. We’re going to have to let this play out,” said Orszag said
WASHINGTON (CNN) – The high interest in receiving grant money from the White House’s $787 billion stimulus package has the potential to overwhelm http://www.grants.gov, White House Office of Management and Budget Director Peter Orszag said in memo issued Wednesday.
In recent months, the Web site, the central online portal where the public can search and apply for competitive grants from the federal government, has suffered from “noticeably degraded performance,” Orszag wrote. “In addition, [the stimulus bill] is expected to result in an approximately 60 percent additional increase in application volume to Grants.gov, putting the system at a significant risk of failure and thus potentially hampering [the bill’s] implementation.”
Read: Orszag's memo
In order to keep the site up and running, Orszag has instructed the Department of Health and Human Services, the federal agency that operates grants.gov, and the General Services Administration to develop improvements that will deal with the anticipated increase in traffic.
In the memo, Orszag also instructs federal agencies to identify alternative methods for accepting grant applications during the coming months when high interest in seeking stimulus money is expected by OMB.
Related: Orszag emerges from behind the scenes
WASHINGTON (CNN) - President Obama's budget director told CNN's John King the spending bill before Congress right now is "uglier than we'd like," but insisted the administration had little power to change it - and little choice but to support it, to preserve funding for key White House priorities.
"This is like your relief pitcher coming into the ninth inning, and wanting to redo the whole game," said Office of Management and Budget Director Peter Orszag on State of the Union Sunday. "Next year we're going to be the starting pitcher, and the game's going to be completely different."
Watch Orszag on why the White House says it can't change the bill
The spending bill currently being considered by Congress contains thousands of earmarks - nearly $8 billion directed by lawmakers for specific projects in their home states. As a candidate, Obama campaigned on a pledge of earmark reform.