WASHINGTON, July 8 (UPI) -- The federal deficit for 2013 will be about $759 billion, 22 percent lower than in President Obama's budget, the White House said Monday.
If the projection proves true, the deficit would amount to 4.7 percent of the nation's gross domestic product, down from the 6 percent of GDP the earlier figure of $973 billion would have represented, The Hill reported. It also would be the first sub-$1 trillion deficit since Obama took office in the midst of the worst recession in decades, the Washington publication said.
The White House report also reveals, however, the deficit for 2014 is now forecast to rise to $750 billion, up from $744 billion, and still be at $549 billion in 2023, up from $440 billion, under Obama's budget projections.
The Hill said $65 billion of the improvement for 2013 is credited to higher tax revenues and $149 billion is from reduced spending.