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The aim is "to encourage and, if necessary, compel the member state to reduce a deficit," the draft stated.
Mr. Orszag did not provide details of how the administration would reduce a deficit expected to reach at least $1.5 trillion this year.
"We have a large deficit, and to reduce a deficit you need spending cuts or tax rises, so asset sales are not really helping," he said.
At tea, Lancashire are 77 for six, and will have to hope for a tail wag to reduce a deficit which is not inconsiderable in the circumstances.
Others noted that during the heat of the constitutional battle this month, the Morsi government unveiled tax increases on liquor, cigarettes and other goods to reduce a deficit.
The government will also increase taxes as it works to reduce a deficit of 11 percent of gross domestic product to 2.1 percent over the next five years.
Similar(47)
The remainder, about $6.7 billion, will go toward reducing a deficit in next year's budget that could be as deep as $20 billion.
Adopting austerity for the purpose of reducing a "deficit and debt crisis" is a perverse policy that generally causes the deficit and debt to grow.
If Krugman were Treasury Secretary we could envision a policy that was focused on creating jobs rather than reducing a deficit that exists almost entirely because of the downturn in the economy.
That would help to reduce a budget deficit that is now over 5% of GDP.
Mr. Kessel said use of the money to reduce a budget deficit "does not in any way violate the agreement".
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