Obama: Expect Trillion-Dollar Deficits

By John Johnson,  Newser Staff
Posted Jan 6, 2009 6:47 PM CST
President-elect Barack Obama speaks to reporters after a meeting with his top economic advisers at his transition office in Washington, Tuesday, Jan. 6, 2009.   (AP Photo/Gerald Herbert)
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(Newser) – Barack Obama delivered yet another dose of sobering economic news today—the nation should expect to run trillion-dollar deficits for multiple years, the Washington Post reports. The once unthinkable sum—we're already well on our way toward it in fiscal 2009—is more than double the previous high. Obama acknowledged the risks of running huge deficits but said the nation must spend—as in, his massive stimulus plan—to get the economy rolling.

"We've got trillion-dollar deficits for years to come even with the economic recovery that we are working on at this point," said Obama. He pledged to make his plan as fiscally prudent as possible and said it would contain zero pork, or earmark spending, and plenty of oversight. “I’m going to be willing to make some very difficult choices in how we get a handle on his deficit,” he said.