Monday, May 11, 2009

Obama admin projects $1.84 trillion deficit

The Obama administration expects the annual budget deficit to hit $1.84 trillion in 2009, the Office of Management and Budget reported Monday.

The record deficit is slightly larger than the $1.75-trillion deficit the White Houses 2009 projection when the president entered office in February.

However, the White House said it was committed to cutting expenses and projected a deficit for 2012 at $557 billion.

"The deficits in these years, now projected to be 12.9% and 8.5% of GDP, respectively, are driven in large part by the economic crisis inherited by this administration," the Office of Management and Budget reported today.

"Treasury now estimates that overall federal revenue will be less than was projected in February by between $30 billion and $50 billion in each of this year and next. We also have more information about the severity of the financial crisis facing the nation, and this is reflected in new, higher estimates for the cost of financial stabilization efforts undertaken."

White House predicts budget deficit to grow to $1.84 trillion this ...

Los Angeles Times - ‎1 hour ago‎
The record figure surpasses the $1.75 trillion projected earlier in the year. Obama administration points to the nation's financial crisis in explaining updated numbers.

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