Washington & the Nation

Washington & the Nation

(Bloomberg News)
Wednesday, January 14, 2009

OMB Nominee Warns of Big Deficits for Years

President-elect Barack Obama's nominee to head the Office of Management and Budget told senators to expect deficits equaling 5 percent of the size of the economy for the next five to 10 years. That would mean deficits of $750 billion

or so over the next couple of years and steadily exceeding $1 trillion by the end of the next decade. Senate Budget Committee Chairman Kent Conrad (D-N.D.) said he hopes the panel will confirm Peter R. Orszag, right, by Inauguration Day.

SOURCE: Associated Press

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