Obama team cuts deficit forecast

It’s now $583 billion for ’14; GDP growth outlook also falls

Posted: July 12, 2014 at 2:55 a.m.

President Barack Obama's administration lowered its 2014 deficit forecast to $583 billion, the smallest in five years, and lowered its projections for economic growth.

United States budget, debt and deficit charts and graphs.

This story is only available from our archives.