SINGAPORE — U.S. President-elect Barack Obama is coming to power on a torrent of promises and high expectations. Yet as recession bites deeper into the world's biggest economy, investment slumps, jobs are lost, tax revenues fall, and the U.S. budget deficit grows ever larger. It is expected to more than double next year to around $1 trillion.
Will Obama be able to deliver on his expensive campaign promises, or will he have to phase them in?
The outline of his priorities that has emerged in recent days is important for Asia. His top priority, of course, will be an economic recovery program. But he has also said his administration "can't afford to wait on moving forward on the key priorities that I identified during the campaign, including clean energy, health care, education and tax relief for middle-class families."