The Obama Administration’s Midsession Review for Fiscal Year 2011 came out this (Friday) afternoon around 3 pm, but it might as well have come out in the dead of night during August recess, as silently as it was presented. No press conference, no press release, no blog post from OMB director Peter Orszag. Only the pdf file posted on the OMB website, if you knew to look for it there.
Of course, the news wasn’t good, but it wasn’t unexpectedly bad either. (I guess it just wasn’t much news all around.) Deficits are now expected to be higher over the next few years (although slightly lower for the current year) than the Administration projected back in February, largely due to lower revenue estimates. What was a 3.9 percent of GDP deficit for fiscal year 2015 is now a 4.0 percent of GDP deficit, so the President’s deficit-reduction commission is still expected to come up with an extra around-1-percent of GDP in policies to reduce the deficit.
More later this weekend if in digesting the report more completely, I find some more newsworthy tidbits.