WASHINGTON
– The director of the White House’s National Economic Council said in
an interview Thursday that the new bipartisan budget agreement would
create enough demand in the economy to add between 200,000 and 300,000
jobs in 2014.
Gene Sperling, who runs the NEC, said the deal wasn’t perfect but would have clear benefits to the economy, businesses and families.
“This is a small step in the right direction, but it’s a clearly positive small step,” he said after delivering a speech on manufacturing in Washington.
Predicting the jobs and growth impact of budget policy is an inexact science, particularly because federal agencies respond to budget changes in different ways.
But Mr. Sperling said there were at least three “clear benefits” to the agreement, which was reached this week between House Budget Committee Chairman Paul Ryan (R., Wis.) and Senate Budget Committee Chairman Patty Murray (D., Wash.).
Mr. Sperling said it would free up more government spending in 2014, creating enough demand “to add 200,000 to 300,000 jobs next year.”
To put the jobs number in perspective, the nation’s employers added a net 203,000 positions in November, according to the Labor Department. Over the previous 12 months, the U.S. has added an average of 195,000 jobs a month.
Mr. Sperling also said the agreement locked in budget levels for Congress through 2015, adding “greater certainty for families and businesses, helping the economy.” He also said that – by spreading out deficit reduction over 10 years – “it repairs about 60% of the cuts” to domestic spending in 2015.
“It’s certainly not perfect,” he said. “It’s just temporary, but it’s a step forward.”
Separately, Mr. Sperling urged Congress to extend expanded jobless benefits, which are scheduled to expire for 1.3 million Americans at the end of December. The congressional calendar is narrowing, however, and lawmakers have signaled it will be nearly impossible for Congress to act before January.
“We are still 100% committed to extending long-term unemployment insurance,” Mr. Sperling said. “It would be extremely disappointing for Congress to go home while 1.3 million Americans were working so hard to still find a new job.”
House Speaker John Boehner (R., Ohio) has said he is open to extending the program if the White House will present a specific plan, but neither side has said that earnest discussions are under way.
Mr. Sperling said that if Congress doesn’t act this month it should be “the absolutely first thing done coming back” in January.
Gene Sperling, who runs the NEC, said the deal wasn’t perfect but would have clear benefits to the economy, businesses and families.
“This is a small step in the right direction, but it’s a clearly positive small step,” he said after delivering a speech on manufacturing in Washington.
Predicting the jobs and growth impact of budget policy is an inexact science, particularly because federal agencies respond to budget changes in different ways.
But Mr. Sperling said there were at least three “clear benefits” to the agreement, which was reached this week between House Budget Committee Chairman Paul Ryan (R., Wis.) and Senate Budget Committee Chairman Patty Murray (D., Wash.).
Mr. Sperling said it would free up more government spending in 2014, creating enough demand “to add 200,000 to 300,000 jobs next year.”
To put the jobs number in perspective, the nation’s employers added a net 203,000 positions in November, according to the Labor Department. Over the previous 12 months, the U.S. has added an average of 195,000 jobs a month.
Mr. Sperling also said the agreement locked in budget levels for Congress through 2015, adding “greater certainty for families and businesses, helping the economy.” He also said that – by spreading out deficit reduction over 10 years – “it repairs about 60% of the cuts” to domestic spending in 2015.
“It’s certainly not perfect,” he said. “It’s just temporary, but it’s a step forward.”
Separately, Mr. Sperling urged Congress to extend expanded jobless benefits, which are scheduled to expire for 1.3 million Americans at the end of December. The congressional calendar is narrowing, however, and lawmakers have signaled it will be nearly impossible for Congress to act before January.
“We are still 100% committed to extending long-term unemployment insurance,” Mr. Sperling said. “It would be extremely disappointing for Congress to go home while 1.3 million Americans were working so hard to still find a new job.”
House Speaker John Boehner (R., Ohio) has said he is open to extending the program if the White House will present a specific plan, but neither side has said that earnest discussions are under way.
Mr. Sperling said that if Congress doesn’t act this month it should be “the absolutely first thing done coming back” in January.
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