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.

 

President-elect Barack Obama greets visitors on Capitol Hill in Washington, Monday, Jan. 5, 2009, as he walks to meet with Congressional Republican and Democratic leader.

Tags: China, Obama, world

Related posts

• Very easy!Tell you how to make $150+ per month on the Web (0)
• US House passes credit card bill to protect consumers (0)
• It is remarkable that Japanese Scientists create monkeys with glowing gene (0)
• UN report: Global economic forecast looks gloomy (0)
• Britney Spears unveils bikini body as she shows off ‘new man’ (0)
• Tell you Who is the World Super nice Model (pics) (0)
• US First lady says she sneaks off to fun restaurants (0)
• Most desirable woman in the world (0)

This entry was posted on Wednesday, January 7th, 2009 at 5:38 am and is filed under World Politics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.