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Obama warns about years of trillion-dollar deficits
WASHINGTON: President-elect Barack Obama on Tuesday braced Americans for the unparalleled prospect of "trillion-dollar deficits for years to come," a stark assessment of the budgetary outlook that he said would force his administration to impose tighter fiscal discipline on the government.
Obama sought to distinguish between the need to run what is likely to be record-setting deficits for several years and the necessity to begin bringing them down markedly in subsequent years. Even as he prepares a stimulus plan that is expected to total nearly $800 billion in new spending and tax cuts over the next two years, he said he would make sure the money was wisely spent, and he pledged to work with Congress to enact spending controls and efficiency measures throughout the federal budget.
Obama warns about years of trillion-dollar deficits - International Herald Tribune
I see the lowering of expectations continues...
Of course, what you don't hear is that, with the Dems in complete control of the process, there's no reason whatsoever the FY2010-2015 budgets cannot have $0 in deficits.
But then, the Dems will come up with plenty of ways to excuse it, so...
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