OMB POLICY STATEMENTS
OMB Updates Economic Forecast
The Office of Management and Budget has released the Mid-Session Review, updating the Administration's economic forecast. The report shows a smaller 2009 deficit but larger out-year deficits than previously projected. The expectation is for a $262 billion improvement in the projected 2009 deficit, now projected to be $1.58 trillion, or 11.2% of GDP.