Testifying before the Senate Budget Committee, Peter Orszag, director of the White House Office of Management and Budget, said that although the worst of the financial crisis and recession are now in the past, the nation still faces difficulties.

"The country faces two significant and ongoing challenges: high unemployment and a medium and long-term fiscal situation that will ultimately undermine future job creation and economic growth," Orszag said. "It took years to create the current jobs gap and our budget deficits and it is our responsibility to start addressing them without delay."