The Congressional Budget Office estimate threw into stark relief the dilemma that the president-elect faces, highlighting both the need for stimulus to support the economy and the already perilous state of US public finances.
Mr Obama said the fiscal stimulus would be “on the high end of our estimates” – $675bn to $775bn over two years – but “will not be as high as some economists have recommended, because of the constraints and concerns we have about the existing deficit”.
The president-elect spoke as he appointed Nancy Killefer, a Clinton-era economic official, to a cabinet-level post to cut government waste, apparently to reassure fiscal conservatives alarmed by the giant deficits in prospect.
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