Kathianne
07-28-2012, 10:03 AM
Wonderful news. Not. And folks will vote for Obama again, why?
http://thehill.com/blogs/on-the-money/budget/240781-white-house-sees-lower-growth-trilllion-dollar-deficit-in-delayed-budget-update-
White House projects $1.2 trillion deficit, lower economic growth in 2012
By Erik Wasson - 07/27/12 02:00 PM ET
The White House budget office on Friday projected a $1.211-trillion deficit this year, down from the $1.327 trillion projected in February.
The mid-session review from the Office of Management and Budget (OMB) also projected lower economic growth in 2012 and 2013 than previously anticipated, and calls for $195 billion in economic stimulus to address an economy that "still faces significant headwinds."
While the $116 billion drop in the deficit could be used by both President Obama and congressional Republicans to argue they are making strides on the budget despite a poor economy, the predicted slow growth is more dismal news for the White House.
In fiscal year 2012, the White House downgraded its its projection to a 2.3 percent growth in gross domestic product compared to 2.7 percent when Obama released his budget in February. It lowered expectations in 2013 from 3 percent GDP growth to 2.7 percent.
The new projections incorporates economic data through June, so Friday's new 1.5 percent GDP growth advanced estimate for the second quarter of calendar 2012 is not included.
The revised deficit number total reflects both lower spending and lower revenue...
...But the update also increases the 2013 deficit from $901 billion to $991 billion.
"Today’s dreary economic growth numbers coupled with an administration forecast that indicates next year’s deficit will mark a historic fifth year in a row of trillion dollar deficits underscores what the American people already know — that the president’s economic plan isn’t working," said Senate Minority Leader Mitch McConnell (R-Ky.).
...
http://thehill.com/blogs/on-the-money/budget/240781-white-house-sees-lower-growth-trilllion-dollar-deficit-in-delayed-budget-update-
White House projects $1.2 trillion deficit, lower economic growth in 2012
By Erik Wasson - 07/27/12 02:00 PM ET
The White House budget office on Friday projected a $1.211-trillion deficit this year, down from the $1.327 trillion projected in February.
The mid-session review from the Office of Management and Budget (OMB) also projected lower economic growth in 2012 and 2013 than previously anticipated, and calls for $195 billion in economic stimulus to address an economy that "still faces significant headwinds."
While the $116 billion drop in the deficit could be used by both President Obama and congressional Republicans to argue they are making strides on the budget despite a poor economy, the predicted slow growth is more dismal news for the White House.
In fiscal year 2012, the White House downgraded its its projection to a 2.3 percent growth in gross domestic product compared to 2.7 percent when Obama released his budget in February. It lowered expectations in 2013 from 3 percent GDP growth to 2.7 percent.
The new projections incorporates economic data through June, so Friday's new 1.5 percent GDP growth advanced estimate for the second quarter of calendar 2012 is not included.
The revised deficit number total reflects both lower spending and lower revenue...
...But the update also increases the 2013 deficit from $901 billion to $991 billion.
"Today’s dreary economic growth numbers coupled with an administration forecast that indicates next year’s deficit will mark a historic fifth year in a row of trillion dollar deficits underscores what the American people already know — that the president’s economic plan isn’t working," said Senate Minority Leader Mitch McConnell (R-Ky.).
...