"White House projects shrinking deficit"

[applegrove]

White House projects shrinking deficit

By ANDREW TAYLOR and JIM KUHNHENN at the Big Story

http://bigstory.ap.org/article/white-house-cites-shrinking-deficit

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WASHINGTON (AP) — The White House said Monday that the federal budget deficit for the current fiscal year will shrink to $759 billion. That's more than $200 billion less than the administration predicted just three months ago.

The new figures reflect additional revenues generated by the improving economy and take into account automatic, across-the-board spending cuts that the White House had hoped to avert.

The White House projected that economic growth would be slightly slower in the coming years than it forecast in April. The report said the automatic spending cuts that kicked in during March will slow down economic growth this year from the 2.6 percent increase it forecast for the fourth quarter of this year to a 2.4 percent increase.

But the White House sees a slightly rosier jobs picture. It projects that unemployment will average 7 percent next year and reach 6.8 percent in the final quarter of 2014. That's an improvement over the 7.2 percent unemployment it forecast in April as an average for 2014.





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[RobertEarl]

1. Yep. Republicans kicked Obama's ass

And the economy is going down just as the republicans wished.

[Thinkingabout]

2. Having the GOP not having any kind words to say is not unusual so I am not expecting any good

Words coming from the yahoo corner. Despite their best efforts to downplay what revenue increases could do for the deficit it is happening. Just think where our employment could be if we were repairing our infrastructure, but the GOP blocks this in every way. Working for this country has to be a priority but they are still in the no column.