OMB POLICY STATEMENTS
OMB Trims Budget Deficit Prediction for 2008
The U.S. government's budget deficit is expected to balloon to a record 482 billion dollars in the next fiscal year, largely due to an emergency economic stimulus and a slowing economy, according to White House report unveiled Monday. The report revealed that the Office of Management and Budget (OMB) had trimmed its budget deficit prediction for 2008 by 21 billion dollars to 389 billion. The OMB cited "higher inflation and more modest expectations regarding economic growth" in revising its deficit projections.