Over the upcoming decade, the White House predicts accumulated deficits of $5.8 trillion; in April it predicted $5.3 trillion in total deficits over 2014-2023.
White House budget director Sylvia Mathews Burwell said that this year's deficit is less than half of the record deficit posted four years ago when measured against the size of the economy. The 2013 deficit would equal 4.7 percent of gross domestic product versus the 10.1 percent of GDP in 2009.
The report reprises longstanding Obama proposals to increase taxes on upper-income earners, curb payments to Medicare providers, and close special interest tax breaks enjoyed by oil companies and other businesses. It also would impose a less generous cost-of-living adjustment for Social Security recipients, a proposal that is opposed by many Democrats. But it steers clear of controversial cuts to Medicare and the Medicaid health program for the poor and disabled, and it leaves Obama's signature health care law untouched.
"We do not need to choose between making critical investments necessary to help grow our economy and support middle class families and continuing to cut the deficit in a balanced way," Burwell said.
White House budget writers said the decline in the unemployment rate -- which has remained at 7.6 percent for two months -- has been faster than expected when they completed their initial forecast this year.
"Unemployment is now projected to decline somewhat more rapidly than in the budget projections," the report said.
The report also reflects $66.3 billion in dividend payments received by the Treasury from the government-affiliated mortgage lenders Fannie Mae and Freddie Mac. The government rescued Fannie and Freddie during the 2008 financial crisis after both incurred massive losses on risky mortgages. The companies received two of the largest bailouts of the crisis.
The recent payments reflect a housing recovery that has made the two lending giants profitable again. So far, Fannie has repaid $95 billion of the roughly $116 billion it received, while Freddie has repaid roughly $37 billion of its $71.3 billion.