(WASHINGTON) — The Obama administration has lowered its projection of the size of this year’s budget deficit by $116 billion, the Office of Management and Budget announced in its Mid-Session Review to Congress.
“This reflects lower-than-expected spending, partially offset by lower-than-expected receipts,” Acting OMB Director Jeffrey Zients writes in a White House blog.
The administration now projects the deficit for this year to be $1.211 trillion, down from the $1.327 trillion deficit it projected in February. Zients reported the 2012 deficit is now estimated to be 7.8 percent of the gross domestic product, down from the 8.5 percent projected in February.
Copyright 2012 ABC News Radio
Alanna Petroff, CNN
Stephan Rockefeller, EastIdahoNews.com
Kathryn Vasel, CNN
Madison Park, CNN