President-elect Barack Obama said the U.S. will soon face a $1 trillion budget deficit and similar shortfalls are in store "for years to come" as the government grapples with a recession and other spending demands. A "trillion dollar deficit will be here before we even start the next budget," Obama said after meeting in Washington with his economic advisers, including Peter Orszag, who has been designated as director of the Office of Management and Budget. "Potentially we've got trillion-dollar deficits for years to come, even with the economic recovery we are working on."
A "trillion dollar deficit will be here before we even start the next budget," Obama said after meeting in Washington with his economic advisers, including Peter Orszag, who has been designated as director of the Office of Management and Budget. "Potentially we've got trillion-dollar deficits for years to come, even with the economic recovery we are working on."
