BOSTON (MarketWatch) -- Persistent budget and current account deficits are not a problem in the short run, top White House economic adviser Edward Lazear said Tuesday. Speaking to the National Association for Business Economics, Lazear said the federal budget deficit "is actually in pretty good shape" in historic terms. Lazear said the current account deficit is not sustainable at the current levels, but he said he expects a gradual reduction. "In the short run, it's important that we continue" to attract capital from foreigners, he said. Lazear spoke as the Commerce Department reported a record $68 billion deficit in trade of goods and services in July.

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