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White House Releasing Budget Review

The midsession budget review (which gives the White House’s revised projections on deficit, growth and unemployment) is supposed to be released in late July, but was kicked down the road this year thanks to congressional budget infighting and summer vacations. The White House announced it will finally be released at some point this week, but didn’t give an exact date (prediction: Friday afternoon, while everyone’s stuck in gridlock en route to a Labor Day vacation):

The White House said on Monday that its midsession review of President Barack Obama’s fiscal 2012 budget proposal would be released later this week, but an exact date had not yet been set. …

The nonpartisan Congressional Budget Office released its own midsession review on Wednesday, predicting the U.S. deficit and debt as a share of GDP would fall over the next 10 years, provided a range of tax breaks were allowed to expire.

It also forecast U.S. unemployment would remain stuck above 8 percent and growth would be tepid through the 2012 elections, as the country struggles to recover from the deepest recession since the 1930s. U.S. unemployment was 9.1 percent in July.

Obama’s 2012 budget proposal was overwhelmingly rejected by Congress last spring, so it will be interesting to see what changes, if any, have been included in the review. It could potentially be a good indicator of what we’ll hear from the president’s jobs proposal speech next week. This isn’t likely to be a happy report (especially judging from the CBO), but it will be helpful for him to at least get the bad news out of the way before turning to his jobs plan.