Deficit Estimate to $1.47 Trillion

Bloomberg | July 23, 2010

President Barack Obama’s budget office forecast this year’s federal deficit will be a record $1.47 trillion, about $84 billion less than forecast in February because of lower spending for unemployment and some government programs.

The administration predicted in its mid-session review that the deficit for the 2011 spending year, which begins Oct. 1, will be $1.42 trillion, $150 billion more than estimated at the beginning of this year, mostly because of lagging tax receipts.

The U.S. economy is projected to grow 3.2 percent this year, compared with 2.7 percent forecast in February, 3.6 percent next year and 4.2 percent in 2012.

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