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Jul 15, 2:29 AM EDT

White House says budget deficit to be $99B higher this year

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WASHINGTON (AP) -- The White House Budget Office says the budget deficit is going to be larger than expected this year by $99 billion.

The Office of Management and Budget points to worsening tax revenues to explain why its forecast two months ago is off the mark. The budget deficit is now expected to be $702 billion this year. Last year's deficit registered $585 billion.

The White House kept its budget report to a bare-bones minimum and cast blame on "the failed policies of the previous administration."

The OMB report comes after a Congressional Budget Office analysis scuttled White House claims that its May budget, if implemented to the letter, would balance the federal ledger within 10 years.

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