White House projects $1.2 trillion deficit, lower economic growth in 2012

July 28, 2012 at 12:07 am

The White House budget office on Friday projected a $1.211-trillion deficit this year, down from the $1.327 trillion projected in February.

The mid-session review from the Office of Management and Budget (OMB) also projected lower economic growth in 2012 and 2013 than previously anticipated, and calls for $195 billion in economic stimulus to address an economy that “still faces significant headwinds.”

While the $116 billion drop in the deficit could be used by both President Obama and congressional Republicans to argue they are making strides on the budget despite a poor economy, the predicted slow growth is more dismal news for the White House.

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