President Barack Obama will project a deficit of $901 billion next year when he submits his fiscal 2013 budget to Congress on Feb. 13, according to two administration officials.
The forecast is based on the assumption Congress accepts all the White House’s policy recommendations, such as abolishing Bush-era tax cuts for families earning $250,000 or more.
The budget to be submitted to Congress will also show a deficit of $1.33 trillion this year and include hundreds of billions of dollars in infrastructure spending. Fiscal 2013 begins Oct. 1.
The Dow Jones Newswires and the Wall Street Journal reported the White House’s deficit projection. The numbers were confirmed by two administration officials who weren’t authorized to speak publicly on figures that haven’t been released.
The government posted a deficit of $1.3 trillion last year and the nonpartisan Congressional Budget Office projected the shortfall will be about $1.1 trillion this year if current policies remain in place, which would mark the fourth straight year of trillion-dollar deficits.
Last year’s deficit of $1.3 trillion represented 8.7 percent of the economy, the third-highest as a share of gross domestic product since 1945, according to the CBO.
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