White House predicts trillion-dollar deficits for the next decade
Ahead of President Obama’s major economic speech next week, the White House on Thursday released a gloomy picture of the government’s finances that shows that, even with the deficit supercommittee’s action, the government will pile up nearly $10 trillion in deficits over the next decade. Still, as bad as those numbers are, the projection marks an improvement over February, when Mr. Obama presented his budget. The brighter picture comes after Congress cut spending this fiscal year by $51 billion compared with Mr. Obama’s budget, and then both sides agreed last month to a committee process that is designed to cut another $1.5 trillion over 10 years from the deficit. Tax receipts also are running higher than projected.
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