White House budget director Orszag is on the wires, saying the economy is no longer on the brik of disaster but that recovery is not yet robust. 2009 will be difficult and unemployment will remain stubbornly high over the next few quarters.
The biggest threat to the US’s fiscal future is rising heath care costs. Obama will only sign a health care reform bill that is “deficit-neutral”.
The stimulus is on schedule, he says and funds are being allocated at a quicker-than-expected pace.
EUR/USD’S rebound approached 1.4250 before pausing to consolidate. It trades now at 1.4244.
