Federal deficit could top $1 trillion

The Boston Globe reports:

President-elect Barack Obama will enter office in January facing an unprecedented budget deficit that will probably top $1 trillion, more than twice the previous record, further limiting his maneuvering room as he tries to boost the beleaguered economy and follow through on hundreds of billions of dollars worth of campaign promises, according to estimates by congressional officials and budget analysts.

Even as he faces the skyrocketing deficit, Obama is considering a massive stimulus package that is intended to boost the economy but is expected to further increase the deficit by as much as $300 billion.