06 January 2009

A Budget Forecast from President-elect Obama

"Trillion dollar deficits for years to come, even with an economic recovery."

Should we get Bernanke a truss?


Obama Says Deficit Likely to Approach $1 Trillion
By Julianna Goldman and Roger Runningen

Jan. 6 (Bloomberg) -- President-elect Barack Obama said he expects to inherit a $1 trillion budget deficit and that 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...”