Obama Foresees Years Of Trillion $ Deficits!Michael Redbourn
January 16, 2009 — 1,321 views
President Elect, Barack Obama prophesized yesterday that the U.S. would see "trillion-dollar deficits for years to come", and added that the country will need to continue spending taxpayer dollars in order to get the economy back on track.
Obama, who was speaking to reporters at his Washington transition office, admitted that he didn't want to get into specific budget numbers because his proposal is still to be worked out with lawmakers and has yet to be submitted for debate, but he did caution that he expects a trillion-dollar deficit before the next fiscal-year budget is even proposed.
"We're already looking at a trillion-dollar budget deficit or close to a trillion-dollar budget deficit, and that potentially we've got trillion-dollar deficits for years to come, even with the economic recovery that we are working on at this point".
When asked to answer to the numerous concerns related to increased deficit spending, Obama said, "We know that we're going to have to spend money to jump-start the economy".
Obama added that he is plans to establish an oversight board that will meet publicly and then issue reports to Congress on how the money is being spent.
This is the first time for sixteen years that Democrats have controlled both houses of Congress and we might finally see a somewhat fruitful session if Obama is able to muster Republican support for his initiatives and House Speaker Nancy Pelosi, D-Calif., promised on Monday as she welcomed Obama to her office, "We will hit the ground running, to address the pain being felt by the American people".
Democrats will soon attempt to use their bolstered majority to push through several changes to House rules which include a repeal of the six-year term limit for committee chairmen which is a rule that was imposed when Republicans took control of the Congress in 1995.
Life is obviously going to get harder over the next few years but people can at least try to forestall approaching foreclosures and bankruptcies and some advice on how to do so can be found on a small network of sites at http://home-loan-help.org
About the Author
I was a film sound editor for around thirty years and worked mostly in Hollywood and London and produced a film for Columbia when I was in my late 20s.
Hobbies are languages and I spoke seven at one time, photography, Photoshop, the Internet and politics and am finally learning to play guitar.
I grew up in the U.K. and spent around 25 years there on and off and lived in Los Angeles for 14 years and it lots of other place too.