During a conversation with journalists at a Monitor Breakfast, Office of Management and Budget Director Jacob Lew discusses the U.S. federal budget.
Jacob Lew became director of the White House's Office of Management and Budget in 2010, a position he previously held from 1998 to 2001. Before returning to OMB, Lew was the first deputy secretary of state for management and resources. Prior to joining the State Department, Lew served as managing director and chief operating officer of Citi Global Wealth Management and then Citi Alternative Investments. Lew came to Citi from New York University where he was responsible for budget, finance, and operations, as well as a professor of public administration. From 2004 to 2008, Lew chaired the management, administration, and governance committee for the Corporation for National and Community Service’s Board of Directors. During his first tenure at OMB, the US budget operated at a surplus for three years. As special assistant to President Bill Clinton from 1993 to 1994, Lew helped design Americorps, the national service program.
Speaking at a Monitor Breakfast about the federal budget, Office of Management and Budget Director Jacob Lew said that social security does not contribute to the deficit in the medium term and is in no imminent danger of collapsing. "There is no need to deal with social security and dealing with it would have, at best, negligible impact," said Lew.
Speaking at a Monitor Breakfast about the federal budget, Office of Management and Budget Director Jacob Lew addressed the bipartisan talks in the Senate on the federal budget, calling them "important" and "positive." The legislation, as reported by The Wall Street Journal, would trigger automatic tax hikes and spending cuts if Congress failed to live within mandatory spending targets.
Speaking at a Monitor Breakfast, Office of Management and Budget Director Jacob Lew said it's encouraging that both Republican and Democratic leaders have "made it clear" that a government shutdown would "not [be] a good thing." Lew, who was on the negotiating team that helped reach a bi-partisan agreement to balance the budget under Clinton, said "that's very different from where we were in the 1990s."
Forecast of governmental expenditures and revenues for the ensuing fiscal year. In modern industrial economies, the budget is the key instrument for the execution of government economic policies. Because government budgets may promote or retard economic growth in certain areas of the economy and because views about priorities in government spending differ widely, government budgets are the focus of competing political interests. In the U.S. the federal budget is prepared by the president's Office of Management and Budget. The U.S. Congress has considerable input, influencing the budget's preparation through negotiations with the president and considering it in detail on its official submission to Congress.