White House: Budget Deficit to Spike to $702B

The White House says 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 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 OMB report doesn't repeat that claim and instead provides just two years of updated projections.

The budget office also says the deficit for the 2018 budget year that starts on Oct. 1 will increase by $149 billion to $589 billion. Last year's deficit registered $585 billion.

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