One day after top economic advisers met at the White House with President Obama to discuss strategies for creating jobs, the Office of Management and Budget Director Peter Orszag said that the Administration is increasingly concerned about the federal government's perilous fiscal situation as swelling deficits threaten the nation's long-term economic health.

The Hill reported:

White House Budget Director Peter Orszag warned Tuesday that large federal deficits will eventually imperil the U.S. economy because they will lead to higher interest rates and more borrowing from overseas.

Orszag, in a speech in New York, said that deficits, expected to add $9 trillion to the current national debt of $12 trillion over the next decade, are “serious and ultimately unsustainable.”