Obama Says Trillion-Dollar Deficits May Last Years - NBC Right Now/KNDO/KNDU Tri-Cities, Yakima, WA |

Obama Says Trillion-Dollar Deficits May Last Years

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By CHARLES BABINGTON
Associated Press Writer

WASHINGTON (AP) - President-elect Barack Obama says the nation
probably faces huge deficits for years to come, but heavy spending
is needed now to spur the economy.

Obama said Tuesday the deficit appears on track to hit $1
trillion soon. Speaking to reporters after meeting with top
economic aides, Obama said: "Potentially we've got trillion-dollar
deficits for years to come, even with the economic recovery that we
are working on."

He wants Congress to approve a stimulus plan of about $775
billion.

The federal deficit was about $455 billion when the last fiscal
year ended on Sept. 30, 2008.
      
(Copyright 2009 by The Associated Press.  All Rights Reserved.)

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