Due to its inability to pay its debts and a mutual desire to keep Greece in the eurozone, Greece has had to accept various external conditions from the EU regarding its budget and national economic policies in exchange for forbearance and additional capital.
Normally, the Office of Management and Budget and the National Economic Council would be heavily engaged on the issuance of regulations tied to a major law like Obamacare.
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At its inception, the purpose of the Council was to take formulation of key economic and financial policies and the national budget out of the hands of career bureaucrats in powerful ministries, particularly the Ministry of Finance, and put policy-making in the hands of elected officials, acting on advice of both the bureaucracy and academics and business leaders.
The Dutch economy, the eurozone's fifth largest, has survived the eurozone crisis relatively well with a national debt of around 65% of economic output but its projected budget deficit falls foul of new EU rules requiring eurozone governments to keep below 3% of GDP.
Yesterday, the White House Rural Council hosted a Native American Food and Agriculture Roundtable Discussion, bringing together tribal leaders and experts on Native American agricultural economic development with Administration officials from the White House Domestic Policy Council, National Economic Council, Office of Intergovernmental Affairs, Office of Management and Budget, Council on Environmental Quality, and federal agency partners including the Departments of Agriculture, Interior, Commerce, Treasury, and the Small Business Administration.
Obama also was quick to announce his economic team, which in addition to Richardson includes Timothy Geithner as treasury secretary, Larry Summers as chief of the National Economic Council and Peter Orszag as director of the Office of Management and Budget.
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Key members of Obama's economic team include New York Federal Reserve President Tim Geithner as treasury secretary, former Treasury Secretary Larry Summers as chief of the National Economic Council, and Peter Orszag as his nominee for director of the Office of Management and Budget.
Labour deputy leader Harriet Harman described "a Budget built on economic failure" and mocked the coalition's stated aim to govern in the national interest.
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