Obama's budget deficits to rise from wars, recession
Obama's budget deficits to rise from wars, recession y Steven Thomma, McClatchy Newspapers Mon Feb 1, 5:05 pm ET WASHINGTON — Fighting wars and lingering effects from a deep recession, President Barack Obama will run up a record $1.56 trillion budget deficit this year and is proposing a 2011 federal budget that would spend $1.27 trillion more than the government takes in next year. Even with plans to scale back after that, his budget proposal Monday calls for deficits of more than $700 billion a year for at least a decade and relies on outside help from an as-yet un-appointed commission to bring them down more. "It's a budget that reflects the serious challenges facing the country," Obama said at the White House . "We're at war. Our economy has lost 7 million jobs over the last two years. And our government is deeply in debt after what can only be described as a decade of profligacy." While he said that he wanted to bring the deficit down later, he warne...