If there's a severe recession, the automatic stabilizers will come into effect, and we will still try to reduce the structural deficit, but we will not try to keep cutting the budget so that we keep worsening a severe recession.

Career
In 1969 Raines first worked in national politics preparing a report for the Nixon administration on the causes and patterns of youth unrest around the country related to the Vietnam War. Early life
Raines was born in Seattle Washington the son of a janitor. The three executives maintained their denial of the charges but agreed to the payment of fines totaling about $3 million which were paid by Fannie's insurance policies.

His role leading Fannie Mae has come under scrutiny. He is the former chairman and chief executive officer of the Federal National Mortgage Association commonly known as Fannie Mae who served as White House budget director under President Bill Clinton.