President-elect sees 'trillion-dollar deficits for years to come'

Monday, President-elect Barack Obama took Capitol Hill by storm to promote his massive economic stimulus plan that, at least in the short term, will dramatically increase the federal deficit with as much as $775 billion in spending and tax cut

Yesterday, he huddled with key advisers on how to bring the deficit down once the economy recovers. Afterward, he vowed to bring unprecedented accountability to federal spending and to bar lawmakers' pet projects from the stimulus package.

Obama told reporters that the deficit will probably hit $1 trillion this year and that "potentially we've got trillion-dollar deficits for years to come, even with the economic recovery that we are working on."