Wednesday, 17 January, 2018

CBO says Trump budget would reduce deficit but not balance budget

CBO says Trump budget would reduce deficit but not balance budget CBO says Trump budget would reduce deficit but not balance budget
Bessie Robbins | 14 July, 2017, 00:17

President Donald Trump's proposed budget plan for the 2018 fiscal year would reduce the US deficit by one-third over the next 10 years if approved, the non-partisan Congressional Budget Office (CBO) said Thursday.

The White House is likely to take the CBO projection of Trump's budget proposal with a grain of salt.

According to the CBO's estimates, the deficit would fall from the $693 billion projected for 2017 to $593 billion in 2018 under the president's proposals, but after that, it would generally rise.

The video echoes a talking point White House officials have used for months.

"Today's CBO report makes clear just how far the President's budget is from balance", said Maya MacGuineas, president of the Committee for a Responsible Federal Budget, in a statement.

But under current law, the CBO expects economic growth to be about 1.8% on average over the next decade.

Trump's $4.1 trillion budget, sent to Congress in May, proposed to balance the budget by 2027. Pitched as a "taxpayer first" plan by the White House, the proposal includes $3.6 trillion in spending reductions by slashing funds for entitlements and discretionary spending.

The 2018 fiscal year budget, unveiled in May, put numbers on Trump's vision of a government that would boost military spending while radically cutting assistance to lower-income Americans. It particularly pointed to healthcare spending.

The CBO also said the White House proposal for tax overhaul "lacked the specificity necessary to evaluate any (economic) effects from such a change". "The Congressional Budget Office's numbers don't add up", it claimed.

U.S. President Donald Trump's proposed spending plan over the next decade would not come close to balancing the national government's budget as it had promised, an independent analysis said Thursday. While the White House and many Republicans have criticized CBO's coverage estimates for the Obamacare health law and the House and Senate GOP replacement plans, the White House hasn't been critical of CBO's budget predictions.

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