–White House Budget Office to Release Latest Estimates — Quietly
–Obama’s February Budget Estimated FY10 Deficit at $1.6 Trillion
By John Shaw
WASHINGTON (MNI) – The White House budget office will release its
mid-session budget review at 3:00 p.m. Friday, with analysts expecting
the administration will project short-term deficits that are a little
smaller than they were expected earlier in the year.
The report will reveal the administration’s most current thinking
on the nation’s fiscal and economic outlook.
When President Obama’s fiscal year 2011 budget was released in
February, the administration projected the FY10 budget deficit at almost
$1.6 trillion, more than 10% of gross domestic product. The budget saw
the deficit dipping to $1.267 trillion in FY11 and $828 billion in FY12.
The White House’s February budget envisioned deficits of $727
billion in FY13, $706 billion in FY14, $752 billion in FY15, $778
billion in FY16 and FY17, $785 billion in FY18, $908 billion in FY19 and
$1.003 trillion in FY20.
For the FY11 through FY15 period, the White House projected
cumulative deficits of $4.280 trillion. For the FY11 through FY20
period, it saw cumulative deficits of $8.532 trillion.
The Congressional Budget Office said in March that 10-year deficits
under Obama’s budget would reach $9.8 trillion — 14% higher than the
administration projected.
The administration’s mid-session fiscal report will provide the
fiscal backdrop for the confirmation hearings for Jack Lew to succeed
Orszag as the White House budget chief.
Both the Senate Budget Committee and the Senate Homeland and
Governmental Affairs Committee will hold confirmation hearings for Lew.
The Senate is scheduled to begin its month-long summer recess on
August 9 and it seems unlikely that Lew will be confirmed before
September.
** Market News International Washington Bureau: (202) 371-2121 **
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