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Obama Budget Office Forecasts $1.47 Trillion Deficit This Year

Posted By admin On July 24, 2010 @ 5:41 am In Money Watch | Comments Disabled

By Roger Runningen
Bloomberg

July 24, 2010

A mid-year budget review by the Obama administration forecasts the deficit will be $1.47 trillion this year and $1.42 trillion next year as the U.S. struggles to recover from the recession.

This year’s budget shortfall is $84 billion less than President Barack Obama’s budget office projected in February because of lower than projected spending for unemployment and some government programs. Still, the total would be a record and represent 10 percent of gross domestic product.

The administration projects the U.S. economy will grow 3.2 percent this year, compared with 2.7 percent forecast in February. Growth is projected at 3.6 percent next year and 4.2 percent in 2012. The review says the unemployment rate will average 9.7 percent this year, 9 percent next year and won’t fall below 6 percent until 2015.

Full article here [1]

Obama Budget Office Forecasts $1.47 Trillion Deficit This Year 270510banner2 [2]


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URLs in this post:

[1] Full article here: http://www.businessweek.com/news/2010-07-24/obama-budget-office-forecasts-1-47-trillion-deficit-this-year.html

[2] Image: http://www.homegain.com/housead/homes_for_sale/index?entryid=11502

[3] US deficit to hit 1.2 trillion dollars: budget office: http://www.prisonplanet.com/us-deficit-to-hit-12-trillion-dollars-budget-office.html

[4] White House forecasts higher U.S. budget deficit: http://www.prisonplanet.com/white-house-forecasts-higher-us-budget-deficit.html

[5] Congressional Budget Office Projects $9.5 Trillion In Deficits By 2021, $2.3 Trillion More Than Obama’s Estimate: http://www.prisonplanet.com/congressional-budget-office-projects-9-5-trillion-in-deficits-by-2021-2-3-trillion-more-than-obamas-estimate.html

[6] US budget deficit hits record $1.4 trillion: govt: http://www.prisonplanet.com/us-budget-deficit-hits-record-1-4-trillion-govt.html

[7] Obama to raise 10-year deficit to $9 trillion: http://www.prisonplanet.com/obama-to-raise-10-year-deficit-to-9-trillion.html

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