Obama inherits long-lasting deficit

Calcutta News.Net
Wednesday 7th January, 2009

US President-elect Barack Obama has admitted he expects to inherit a US budget deficit approaching $1 trillion.

Obama, after meeting with his economic team, said the trillion-dollar deficit could stretch into coming years.

He said he and his team would instill responsibility into future budget choices.

Obama, who takes over from President George W. Bush on January 20th, is seeking quick action from Congress on a package of spending and tax-cut measures that are likely to total nearly $775 billion over next two years.

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