WORLD> America
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WORLD> America
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Obama promotes fiscal restraint, big spending
(Agencies)
Updated: 2008-11-25 20:27 Obama is already starting in the red. The federal government reported a record deficit of $237.2 billion in October, which reflected only a portion of the $700 billion Congress approved last month to rescue the financial markets. The government's red ink has been rising over the past eight years, reversing a surplus achieved during the Clinton administration. Leonard Burman, director of the nonpartisan Tax Policy Center, said Geithner and Summers reflect both the need for a large-scale stimulus to the economy and for fiscal restraint once the economy shows signs of improvement. "What's good about the appointments that Obama has made is that it suggests, in ways that his campaign never did, that he really understands this," Burman said. |
