Congress Projects Smaller Deficit Than White House

Congressional budget analysts project a cumulative $7 trillion deficit from 2010-2019, a figure roughly $2 trillion less than the one projected by the White House budget office.

The nonpartisan Congressional Budget Office, in a report that came out on the same day as the White House midyear budget review, said the deficit this year will total $1.6 trillion and that putting the nation on a sustainable fiscal course will require a mix of lower spending and higher tax revenues than the amounts now projected.

The White House also projected a $1.6 trillion deficit this year, but a gloomier $9 trillion 10-year shortfall.