According to Odaily, the White House has revised its projections for the United States' economic growth and inflation for 2024, while continuing to anticipate significant budget deficits in the coming years. The Office of Management and Budget (OMB) now expects the U.S. GDP to grow by 1.9% year-over-year in the fourth quarter, an increase from its March forecast of 1.3%. The Consumer Price Index (CPI) forecast has also been raised from 2.5% to 3.1%. These updates were announced by the Biden administration on Friday during the OMB's so-called mid-session review of the budget. The deficit for the current fiscal year is projected to be $1.87 trillion, slightly higher than the $1.86 trillion forecasted in March. For the 2025 fiscal year, the deficit is expected to reach $1.88 trillion, up from the previous estimate of $1.78 trillion. The budget deficit as a percentage of GDP is projected to be 6.6% for the 2024 fiscal year ending in September, and it is expected to decrease to 6.3% next year. This deficit rate remains among the highest in U.S. history, excluding periods of war, financial crises, and the COVID-19 pandemic. Economists are concerned that if lawmakers fail to control the growing debt, it could harm the economy. Last month, the nonpartisan Congressional Budget Office (CBO) projected a deficit of $1.92 trillion for the 2024 fiscal year.