As a percentage of the economy, the new deficit would be half the size of what it was when Obama entered office. At the time, he vowed to cut the deficit in half by the end of his first term, a pledge that took longer to fulfill.While the White House predicts improvement this year, it sees somewhat higher deficits in future years than it did in April, mostly because slightly more pessimistic predictions of economic growth would produce $384 billion less in tax receipts over that period.
White House Projects Shrinking Deficit
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