White House Projects $1.2 Trillion Deficit This Year

Business

0  Updated at 3:59 pm, July 27th, 2012 By: ABC Digital
Share This Story

Comstock/Thinkstock(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.

Read the full text of the blog here.

Copyright 2012 ABC News Radio



Stories You May Be Interested In:

Nerf guns can pose serious eye risk, doctors warn

19 Sep 2017

Puja Bhattacharjee, CNN

New home furnishing store coming to Ammon area

11 Sep 2017

Paul Menser, Bizmojo Idaho

Toys ‘R’ Us files for bankruptcy

19 Sep 2017

Robert Mclean, CNN

Construction begins on I-15 interchange project

18 Sep 2017

Shelbie Harris, Idaho State Journal

Leave a Reply

Your email address will not be published. Required fields are marked *