President-elect Barack Obama says the United States 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 September 30, 2008.
Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>