Word: deficit
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President-elect Barack Obama said Tuesday the deficit appears on track to hit $1 trillion soon. Speaking to reporters after meeting with top economic aides, Mr. Obama said: "Potentially we've got trillion-dollar deficits for years to come, even with the economic recovery that we are working on." - Associated Press...
...billion in stimulus spending over the next two years, the nation's economists - at least the ones who are listened to in Washington - expressed near unanimous support. This support showed no signs of wavering when the Congressional Budget Office projected Wednesday that even before any new spending, the federal deficit will top $1.2 trillion this year. As Obama summed it up in a speech at George Mason University on Thursday, "There is no doubt that the cost of this plan will be considerable. It will certainly add to the budget deficit in the short term. But equally certain...
...position, which Obama has described as one of the most important in his Administration, is part of a new initiative to control federal spending, reform massive government entitlement programs and curb the pork-barrel spending that has contributed to the country's budget-deficit crisis...
...course, the deficit is growing larger each day that legislators struggle to come up with a solution. California is one of only a handful of states to require a two-thirds-majority vote in the legislature to pass a state budget. The Democrats dominate both the senate, 24 to 15, and the assembly, 51 to 29. (There is one vacancy in the senate.) With such deep cuts on the line, Republicans and Democrats have squared off, arguing whether raising taxes or reducing welfare programs is the best way to go. In December the Democrats engineered a plan that could bypass...
...admitted as much in a major speech on Thursday, making the case for Congress to act quickly on his plan, dubbed the American Recovery and Reinvestment Plan. "There is no doubt that the cost of this plan will be considerable," he said. "It will certainly add to the budget deficit in the short term. But equally certain are the consequences of doing too little or nothing at all, for that will lead to an even greater deficit of jobs, incomes and confidence in our economy." (Read Obama's full remarks...