According to Odaily Planet Daily, the White House has raised its forecasts for US economic growth and inflation in 2024, while predicting huge budget deficits in the coming years. The US Office of Management and Budget (OMB) expects GDP to grow 1.9% year-on-year in the fourth quarter, higher than the 1.3% forecast in March. CPI was raised to 3.1% from the previous forecast of 2.5%. The Biden administration released these forecasts in the OMB's mid-term budget review.

The deficit for this fiscal year is expected to be $1.87 trillion, not much different from the $1.86 trillion projected in March. The deficit for fiscal 2025 is expected to be $1.88 trillion, up from the $1.78 trillion projected in March. The budget deficit will be 6.6% of GDP in fiscal 2024, which ends in September, and will fall to 6.3% next year.

At this ratio, the deficit ratio will continue to remain among the highest in U.S. history, except for war, financial crisis and the COVID-19 pandemic. Economists worry that if lawmakers cannot control the growth of debt, the economy will be damaged.