FOXNews.com: White House projects $1.2 trillion budget deficit this year

FOXNews.com FOX News Network - We Report. You Decide. // via fulltextrssfeed.com

White House projects $1.2 trillion budget deficit this year Jul 27th 2012, 18:11 The latest budget figures from the White House predict this year's federal budget deficit will end up at $1.2 trillion.  That would make the fourth consecutive year of trillion dollar-plus deficits during President Obama's administration.  The White House budget office also predicts the economy will grow at a 2.6 percent annual rate this year and that the jobless rate will average 8 percent this year.  The 2012 budget year ends on Sept. 30. The White House also predicted that next year's deficit will fall just short of $1 trillion.  But the White House promises deficits would drop to about 30 percent of the size of the economy by 2017, in part through $1.5 trillion in tax increases over the coming decade.

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