The White House expects the federal budget to shrink by over $200 billion this fiscal year, the Office of Management and Budget announced Monday.

The OMB projects the deficit for Fiscal Year 2013 to check in at $759 billion in its Mid-Session Review released Monday, revised down from the $973 billion the office projected in the president’s 2014 Budget.  Sylvia Mathews Burwell, the director of OMB, announced the improved deficit in a blog post on OMB’s website, writing that “we do not need to choose between making critical investments necessary to help grow our economy and support middle class families and continuing to cut the deficit in a balanced way.”