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The forecast was revised down to 13-14%.
The city's financial forecast was revised on Wednesday because tax revenues have been higher than expected.
Its GDP growth forecast was revised up slightly, from 1.4% to 1.5%.
The federal budget surplus forecast was revised upward, making it harder for Democrats to argue that Mr. Bush's plan was unaffordable.
That forecast was revised downward from 61 cents a share after Honeywell executives warned on Sept. 12 that sales and profits would be lower.
The UK forecast was revised down to 0.8% growth this year and 1.5% in 2014.
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However, business seemed to be improving as profit forecasts were revised upwards.
These City forecasts were revised downward last month after HMV warned of disappointing sales and halved its dividend.
"Debt reduction is increasingly being driven by growth and revenue trends, which could reverse if growth slows or revenue forecasts are revised back down," the agency said.
"Forecasts were revised down consistently and very rapidly when the financial crisis erupted, but growth out-turns nonetheless still proved substantially weaker than had been projected," it said in a paper exploring its forecasting record in recent years.
Borrowing falls more than forecast and employment forecasts are revised up.
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