Obama: 'Trillion-dollar deficits for years to come'

President-elect Obama predicts “trillion-dollar deficits for years to come.”

“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,” Obama said.

The federal deficit was about $455 billion for fiscal year that ended on Sept. 30, 2008.

If the Democrats keep the deficits to a trillion-dollars a year that will at least slow the rate at which the Democrats increase the national debt.