The Economy According to the White House: Good, But Not Great

American Money

As prescribed by Section 1106 of the United States Code, the White House Office of Management and Budget submitted its Mid-Session Review to Congress this week. The MSR is an update on the administration’s estimates for government outlays and receipts, and right now is laser-focused on the deficit and ongoing economic recovery.

For some context, most observers don’t expect Congress to pass President Barack Obama’s budget this year. Republicans and Democrats are miles apart on both spending and taxes, and the 113th Congress is on track to be the least productive ever in the wake of the sequestration fiasco. Budget reform, while necessary, seems unlikely.