Director of the Office of Management and Budget says that projected US deficits are serious and ultimately unsustainable. The administration is working on a range of options for the 2011 budget to restore fiscal footing. Too-large deficits can raise interest rates and deter investment. Unemployment will lag the recovery and the coming months will be tough for workers. Orszag says.
EUR/USD has fallen back to the 1.4650s in viscous trade.
