U.S. markets closed
  • S&P Futures

    4,280.00
    -6.50 (-0.15%)
     
  • Dow Futures

    33,945.00
    -36.00 (-0.11%)
     
  • Nasdaq Futures

    13,505.75
    -17.50 (-0.13%)
     
  • Russell 2000 Futures

    1,996.00
    -5.70 (-0.28%)
     
  • Crude Oil

    90.27
    -0.23 (-0.25%)
     
  • Gold

    1,769.50
    -1.70 (-0.10%)
     
  • Silver

    19.34
    -0.12 (-0.64%)
     
  • EUR/USD

    1.0080
    -0.0012 (-0.12%)
     
  • 10-Yr Bond

    2.8800
    -0.0130 (-0.45%)
     
  • Vix

    19.56
    -0.34 (-1.71%)
     
  • GBP/USD

    1.1919
    -0.0014 (-0.12%)
     
  • USD/JPY

    136.1570
    +0.2950 (+0.22%)
     
  • BTC-USD

    22,799.67
    -701.48 (-2.98%)
     
  • CMC Crypto 200

    542.14
    -15.59 (-2.80%)
     
  • FTSE 100

    7,541.85
    +26.10 (+0.35%)
     
  • Nikkei 225

    28,980.73
    +38.59 (+0.13%)
     

The White House Makes a ‘Trillion-Dollar Admission’

The White House Office of Management and Budget on Friday released its updated annual budget request, known as the mid-session review. The numbers don’t mean much given that the president’s budget won’t be enacted — but they do contain what the Committee for a Responsible Federal Budget calls “a very big trillion-dollar admission.” Namely, the White House’s own deficit projections keep rising, thanks to the recently passed tax cuts and spending increases.

The updated budget now includes a projected 2019 deficit of $1.085 trillion, up from $984 billion in February — and more than double the $526 billion the White House called for in its 2018 budget.

“This is a striking acknowledgement following almost two years of claims that economic growth unleashed by these policies will wipe deficits away,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget.

Meanwhile, the average growth rate projected over 10 years has dropped under 3 percent.

Video: 

For more news videos visit Yahoo View.  

Like what you're reading? Sign up for our free newsletter.