Just two days ago, President-Elect Obama announced the deficit would rise from $455 billion to $1 trillion. Today, it’s up to almost $2 trillion:
President-elect Barack Obama, facing a more than $1 trillion budget deficit, made his strongest pitch yet Thursday for Congress to pass a nearly $800 billion spending plan, promising that it will create new jobs, offer more tax cuts, and improve infrastructure and alternative energy development. . .
Obama delivered his speech a day after budget forecasters said the federal budget deficit would reach a record $1.2 trillion in fiscal 2009. That estimate does not factor in the stimulus package Obama and Democrats are promoting on Capitol Hill. But Obama says deficit spending is needed to jolt the economy out of recession.
(Emphasis mine.)
But not to worry:
He tried to assuage skeptics who say such a massive stimulus is irresponsible, particularly on the heels of the auto industry and Wall Street rescue packages.
“I know the scale of this plan is unprecedented, but so is the severity of our situation,” Obama said. He pledged not to “throw money” at the country’s problems or send it to wasteful pet projects and earmarks.
We’re not going to throw money at our problems? Thanks for clarifying that.
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