The Office of Management and Budget (OMG) released its yearly summer report assessing of the economy and the nation’s fiscal condition on Friday.

The report is known as the mid-session review. Other, similar reviews include the Congressional Budget Office, the Federal Reserve, the Treasury Department, private-sector economists, and federal agencies.

In its re-appraisal of fiscal 2015-2024 released Friday, the Obama administration celebrated the expectation of rapidly shrinking federal deficits, lower unemployment, and projections for growth.

The report updated an economic forecast last completed in November with newer information current as of early June

The Immigration reform, which President Obama conceded this month is dead on Capitol Hill, is part of his mid-session assessment, tallied to lower deficits by $158 billion from 2016 through 2024.

However, some reform advocates question whether reform could clear Congress during the remainder of Obama’s presidency. President Obama has acknowledged that there is no hope for legislation overhauling the immigration system in Congress this year.

The nation’s 2014 deficit, measured at 3.4 percent of gross domestic product, is smaller than the administration had projected in March (OMB forecast 3.7 percent). The deficit in 2015 is projected to drop further to 3 percent of GDP.

Growth, which the Bureau of Economic Analysis said contracted by 2.9 percent in the first quarter of the year, remains on a positive trajectory, according to OMB.

OMB forecasts 2.6 percent growth for this year, according to its summer update.

As for unemployment, the administration believes the jobless number will drop to 6.0 percent by the fourth quarter of 2014, and to 5.4 percent by 2017, in part because “discouraged workers are expected to rejoin the labor force.”

If Congress accepted his policies, the president said, middle-class Americans would realize a healthier economy, more jobs and higher wages.