Exact(25)
The budget office projected that the law would result in even bigger savings beyond 2019.
With such an assumption, the budget office projected a $5.6 trillion federal budget surplus over 10 years.
The governor's office projected earlier this year that general fund revenue would drop 5percentthis fiscal yearar.
But even by 2012, when Mr. Obama faces re-election, the jobless rate would be just below 9 percent, the budget office projected.
And the governor's office projected that if other unions agreed to the same terms total savings for the state would amount to $1.6 billion over five years.
In mid-November, Mr. Cuomo's budget office projected that the state would be short $350 million during the current fiscal year, which ends March 31.
Similar(35)
The Deficit When Mr. Bush took office in January 2001, the Congressional Budget Office projected a budget surplus of $397 billion for the fiscal year 2004, assuming no changes in tax and spending laws.
The Congressional Budget Office projected a 2009 deficit exceeding $1 trillion before Mr. Obama took office.
As recently as the spring, the administration and the Congressional Budget Office projected much smaller deficits.
Many analysts were expecting a $2 billion shortfall, while the Congressional Budget Office projected a $4 billion deficit.
Skip to next paragraph Enlarge This Image Luke Sharrett/The New York Times Douglas W. Elmendorf, director of the Congressional Budget Office, projected mounting deficits.
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