Gibbs: Deficit won't hurt plan to cut red ink

WASHINGTON — The White House says new projections of spiraling budget deficits won't stop President Barack Obama from achieving his goals or keeping his promise to cut the country's red ink in half within four years.

White House spokesman Robert Gibbs said Friday that the administration is a bit more optimistic about the nation's economic growth over the long term than congressional analysts. The congressional projections released Friday say Obama's budget would generate deficits averaging almost $1 trillion a year over the next decade.

The Congressional Budget Office figures predict Obama's budget will produce $9.3 trillion worth of red ink from 2010 through 2019. That's $2.3 trillion worse than the White House predicted in its budget.