The White House raised its forecast for U.S. economic growth and inflation in 2024, while continuing to project large budget deficits in the coming years. The U.S. Office of Management and Budget (OMB) now expects U.S. fourth-quarter GDP growth of 1.9 percent year-over-year. That's up from 1.3 percent in its March forecast. The CPI was also raised to 3.1 percent from a previous estimate of 2.5 percent. The Biden administration released those projections Friday in what OMB calls its midterm review of the budget.