Unemployment will likely stay at or above 9% through 2012, White House officials said Friday . (PHOTO CREDIT: Getty Images)
New York (CNNMoney.com) - The White House said Friday it expects that unemployment will stay at or above 9% until 2012, but at the same time forecast that the economy will grow by at least 4% in 2011 and 2012.
It also revised its long-term deficit estimate under President Obama's proposed 2011 budget: The administration now believes the 10-year deficit will be $58 billion less than projected in February when the budget blueprint was first released.
Under the revised estimates, Uncle Sam will ring up $8.474 trillion in deficits between 2011 and 2020, down from the $8.532 trillion estimated in February.
In the near-term, the administration expects the 2010 deficit to come in at $1.47 trillion - slightly lower than originally forecast - while the 2011 and 2012 deficits will come in somewhat higher.