President Barack Obama

Red ink as far as the eye can see, for years to come, predicts President-elect Barack Obama. Meeting with the media, Obama indicated that he foresees a $1 trillion U.S. deficit for the current fiscal year and “for years to come.” This is the price the United States must pay as it seeks to combat the Global Economic Crisis, which began in America. In effect, future generations of Americans will be asked to pay for the massive borrowing now being initiated by government to kick-start the economy.

The grim economic forecast was delivered by Barack Obama. after meeting with his team of economic advisers.President-elect Obama informed the media that Peter Orszag, his choice for budget director, now estimates that the current budget is on course to hit $1 trillion in deficit spending. This figure does not include the planned economic stimulus package, which may add another trillion dollars to the ballooning national debt.