The White House said worsening tax revenues will cause the budget deficit to jump to $702 billion this year. That's a $99 billion spike from what was predicted less than two months ago.
The report from the Office of Management and Budget comes on the heels of a rival Congressional Budget Office analysis that scuttled White House claims that its May budget, if implemented to the letter, would balance the federal ledger within 10 years.
The White House kept the report to a bare-bones minimum and cast blame on "the failed policies of the previous administration."
However, the Congressional Budget Office said that Trump relied on far too optimistic predictions of economic growth and that Trump's rosy projections are the chief reason his budget doesn't balance as promised.
Trump's budget predicts that the U.S. economy will soon ramp up to annual growth in gross domestic product of 3%.
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