From the Washington Post: Obama: Trillion-Dollar Deficits 'for Years to Come'
Slowing tax revenues and a historic bailout of the U.S. financial system will send the budget deficit soaring toward $1 trillion this year, President-elect Barack Obama said today, and the red ink stands to get substantially deeper if Obama wins approval of a massive economic stimulus plan.Admittedly, we've heard this before. Problem is, we keep hearing it coupled with attacks against us. I'm hoping that this time, we can at least get some results out of it.
Even if the package of spending and tax cuts helps restore the nation's immediate economic health, Obama said, the government is likely to be left with "trillion-dollar deficits for years to come" unless policymakers "make a change in the way that Washington does business."