Published July 14, 2015 4:23pm EDT | Updated July 24, 2015 11:53pm EDT

White House Cuts Fiscal 2015 Deficit Estimate To $455 Billion

The White House cut its estimate of the 2015 fiscal year budget deficit to $455 billion. The new estimate is $128 billion lower than the $583 billion deficit projected in February. As a percentage of gross domestic product, the 2015 deficit is projected to equal 2.6%, down from the 3.2% projected in February. The deficit for fiscal 2014 was $483 billion. The government's fiscal year runs from October to September.