On July 11, the Office of Management and Budget (OMB) released its annual Mid-Session Review, which contains updated estimates of the budget deficit, receipts, outlays and budget authority for fiscal years 2007 through 2012. While the administration trumpeted the decrease in the projected deficit, several aspects of the review cast doubt on the accuracy of these claims. In addition, the projections for years 2008-2012 were less noted and far more sobering.