24/07/2010 11:54
White House renews US budget crisis report
The Obama administration said on July 23 that the U.S. federal budget deficit is projected to remain above $1.4 trillion through next year as a result of the current recession.
The administration originally forecast a $1.56 trillion deficit for 2010, dropping to $1.27 trillion in 2011. The new figures: $1.47 trillion this year, but still $1.42 trillion next year. This is an increase of $150 billion.
White House budget director Peter Orszag is quoted as saying in a conference call with reporters that Obama is still on track to cut the deficit in half by the end of his first term.