OMB POLICY STATEMENTS
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White House and OMB Reduce Deficit Estimate
According to the White House, the US budget Deficit will be $445 billion this year, or roughly 3.8% of total economic output. This amount is lower than the expected deficit given earlier this year of $521 billion. The reason for the lowering of the estimate according to OMB was an extra unexpected $82 billion in revenues since February. Although the deficit was reduced for this year, the OMB predicts the deficit to remain for years to come.
“The Office of Management and Budget (OMB) said the rising deficit was due to an extraordinary succession of negative economic pressures including the 2000 economic downturn, the subsequent recession, the 9/11 attacks, the war on terror, increased spending on homeland security and a series of corporate scandals.”