ABC News' Karen Travers reports:
As was reported last week, the Obama administration announced today that it has revised its 10-year cumulative budget deficit projection to around $9.051 trillion, up from its February projection of $7.1 trillion.
Administration officials said Monday that these numbers put their projection in line with the Congressional Budget Office’s June projection. These out-year deficits are about 4 percent of GDP, which the administration says is "higher than desirable."
The new forecast is based on new data that reflect "how severe the economic downturn was" at the end of last year and first half of this year.
Read the White House fact sheet HERE.
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