WASHINGTON – A new White House forecast predicts that the federal budget deficit, which hit a record $1.4 trillion last year, will exceed that figure this year and again in 2011.
The $1.47 trillion budget gap predicted for 2010 represents a slight improvement over the administration’s February forecast.
The estimated gap for next year, $1.42 trillion, is larger than what was predicted in February, primarily because of a drop in expected tax receipts from capital gains.
As the economy improves, the White House forecasts that the deficit will be just over $700 billion in 2013.
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