Obama Faces Trillion-Dollar Deficit
By: RNS
Updated: January 6, 2009
President-elect Barack Obama expects to inherit a $1 trillion budget deficit from President Bush.
Even so, Obama told a news conference in the nation's capital he has firm plans to deal with the ocean of red ink, beginning with budget reform. Saying he intends to bring responsibility and accountability to Washington, Obama stated that's why the people elected him.
He added his top priority is to jump-start the economy with a vigorous stimulus measure that will create or preserve three-million jobs. Obama said the stimulus plan will include an economic oversight board to make sure the money is being spent wisely.
He added information about how taxpayer dollars are being spent will be put online for everyone to review.
Questioned about earmarks in the legislation, Obama stated flatly there will be none and no member of Congress will be allowed to insert pet projects into the stimulus bill.
Asked about proposed tax cuts, Obama declined to quantify the amount of tax relief that may appear in the final package.
