White House: Budget Deficit to Spike to $702B
The White House said Friday that worsening tax revenues would cause the budget deficit to jump to $702 billion this year. That’s a $99 billion spike from what was predicted less than two months ago. The report from the Office of Management and Budget came on the heels of a rival Congressional Budget Office analysis that scuttled White House claims that its May budget, if implemented to the letter, would balance the federal ledger within 10 years. The OMB report doesn’t repeat that claim and instead provides just two years …