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White House Reduces FY 2013 Deficit Estimate by $214B

WhiteHouseThe White House’s mid-year report projects that the U.S. budget deficit for fiscal 2013 will drop to $759 billion, Fedscoop reported Monday.

Cory Bennett writes the deficit was estimated at $973 billion when the Obama administration released its 2014 budget plan in April.

If either estimate is correct, it will be the first time during the Obama administration that the deficit comes in below $1 trillion.

According to the report, the White House also revised gross domestic product growth figures for this year from 2.3 percent down to two percent and in 2014 from 3.2 percent to 3.1 percent.

“The economy was under additional fiscal pressure during the first half of 2013, leading to a reduction in the forecast for growth,” the budget office said in its mid-session review released Monday.

“As various headwinds die down, and the proposed budget replaces sequestration, the administration expects more rapid growth.”

The revised budget report also says the deficit is projected to increase by $549 billion in 10 years, $109 billion higher than previously estimated.

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