The Obama administration's budget has been well-received, Office of Management and Budget (OMB) Directer Peter Orszag argued Wednesday.

"My view is that the budget has actually received a pretty good reception not only in Washington but outside Washington," Orszag said during an appearance on CNBC to defend the administration's proposed budget.

"This is not about easy choices, it's about tackling the problems that we face," Orszag added. "No one ever said it would be easy."

The OMB director said that the market had not reacted adversely to the administration's plans as they have been proposed over the past few weeks, asserting that there were a number of factors driving down the stock market to its semi-historic lows.

"I think there are lots of things affecting the market," he said.