CUNA President/CEO Jim Nussle appeared on CNBC’s Squawk on the Street Friday morning to discuss a number of issues facing the administration. Nussle served as director of the Office of Management and Budget from September 2007 to January 2009.
“We’ve got about 64% of the budget is Medicare and Social Security, the president said that’s off the table, can’t touch that. You’ve got military spending at about 15%, he wants to increase that, so that’s off the table for any changes. You’ve got interest on the debt, which is 7%. You add all that up and we’re down to a window of only 15% that is eligible to make any changes is, according to the president,” Nussle said. “That’s going to be a challenge.”
Also during the interview, which can be viewed below, Nussle discusses other challenges the administration will face in trying to bring down the deficit while looking at tax reform, as well as the outlook for President Donald Trump’s new pick for Secretary of Labor.