The White House downgraded growth and inflation forecasts. The U.S. economy is expected to expand 2.6% in 2016, down from its previous forecast of a 3.0% rise, and 2.6% in 2017, down from its previous forecast of a 2.8% growth.

Inflation is expected to rise 1.5% in 2016, down from its previous forecast of 1.9%, and 2.1% in 2017 and 2018.

The White House forecasts the budget deficit to be 3.3% of GDP in 2016, down from its previous forecast of 2.3%, and 2.6% of GDP in 2017, down from its previous forecast of 2.2%.

The unemployment rate is expected to be 4.7% in 2016, 4.5% in 2017, and 4.6% in 2018.