Washington & the Nation
Washington & the Nation
(Bloomberg News)
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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
