Just as Obama begins, huge deficit could hamper plans (McClatchy Newspapers)

Jan 07, 2009 - Just as Obama begins, huge deficit could hamper plans By Steven Thomma | McClatchy Newspapers WASHINGTON — The forecast Wednesday of a jaw-dropping $1.2 trillion one-year federal budget deficit will make it harder for President-elect Barack Obama to win broad support for a massive stimulus package that would add even more to the red ink. With his party controlling both the House of Representatives and the Senate, Obama's still likely to get the OK for spending and tax cuts that cost $1 trillion or more over two years and are designed to jump-start the economy and create or save 3 million jobs. However, while many economists, business groups and politicians agree on the need for something dramatic, Obama now concedes that he'll have to wait until February to get a bill to sign. - 20 Comments