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Saturday August 22, 02:30 AM
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EXCLUSIVE - Obama to revise 10-year deficit to about $9 trillion
WASHINGTON (Reuters) - The Obama administration will increase its 10-year budget deficit projection to roughly $9 trillion from $7.108 trillion in a report next week, a senior administration official told Reuters on Friday.
The 2010-2019 cumulative deficit projection replaces the administration's previous estimate of $7.108 trillion, said the official, who is familiar with the plans.
"The new forecasts are based on new data that reflect how severe the economic downturn was in the late fall of last year and the winter of this year," the official said.
"Our budget projections are now in line with the spring and summer projections that the Congressional Budget Office put out."
