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Obama needs to act on deficit

The sharper-than-expected economic downturn caused the Obama administration to raise its estimate of the government's deficits over the next decade to a stunning $9 trillion, up from $7.1 trillion. These cumulative deficits would triple the government's total debt to $17.5 trillion by 2019, according to the new estimate. Though the vast majority of the deficit projection is linked to the recession and to policies and spending enacted during the Bush administration, President Obama must take ownership of this mounting burden. Rather than just vowing to reduce the deficit, as he has done repeatedly, Obama needs to take action and push through serious reforms.

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