WASHINGTON -- President-elect Barack Obama says the nation probably faces huge deficits for years to come, but heavy spending is needed now to spur the economy.
President-elect Barack Obama greets visitors on Capitol Hill in Washington, Monday, Jan. 5, 2009, as he walks to meet with Congressional Republican and Democratic leader. [Agencies]
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 Sept. 30, 2008.