WASHINGTON (Reuters) - The White House will predict a record budget deficit in the current fiscal year and a grim forecast of big shortfalls for the next decade in its upcoming budget proposal, a congressional source told Reuters on Sunday.
Following are the budget deficits forecast by the White House’s Office of Management and Budget (OMB), along with a forecast released last week by the nonpartisan Congressional Budget Office (CBO).
The two agencies use different methods to forecast the budget. CBO assumes that taxes, spending and other policies will not change at all in the future, while OMB assumes that all of the policies proposed by the White House will take effect. For these reasons, neither is likely to be entirely accurate.
FISCAL YEAR OMB CBO
2010 $1.6 trillion $1.35 trillion
2011 $1.3 trillion $980 billion
2012 $800 billion $650 billion
2013 $700 billion $539 billion
2014 $700 billion $475 billion
2015 $800 billion $480 billion
2016 $800 billion $521 billion
2017 $800 billion $525 billion
2018 $800 billion $542 billion
2019 $900 billion $649 billion
2020 $1.6 trillion $687 billion
Reporting by Andy Sullivan, editing by Eric Walsh
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