wnol.info May 24 2018

Read the new CBO report on Trump's budget proposal

May 24 2018, 01:48 | Alexander Lowe

Read the new CBO report on Trump's budget proposal

Read the new CBO report on Trump's budget proposal

Today, the Congressional Budget Office, which acts as an independent analyst for U.S. lawmakers, released its analysis. But in a pre-emptive strike on Wednesday, the White House wrote on Twitter: "Faulty Numbers = Faulty Results".

Under the president's blueprint, annual deficits would range between 2.6% and 3.3% of GDP, down from 3.6% this year, the CBO projects.

The CBO said Trump's decade-long spending plan would trim the current almost $20 trillion national debt by $3.3 trillion, not the $5.6 trillion the White House projected.

Trump's budget plan, "A New Foundation for American Greatness", unveiled in late May, shows the annual deficit gradually vanishing from an estimated $440 billion in fiscal 2018 to $319 billion in 2023 to a $16 billion surplus by 2027.

The CBO report contradicts a claim made by the White House that its budget would balance the budget within a decade.

Move beyond reactive narratives, Nitish tells opposition
Nitish said that the Opposition needs an alternate narrative just reactive narrative won't work. We were not even aware of their castes.

That's opposed to the CBO score, which said the bill would cut Medicaid by almost $800 billion.

What's more, CBO and the Trump administration differ substantially in projecting economic growth, with Treasury Secretary Steven Mnuchin and others predicting three percent growth in GDP in the coming years compared to CBO's far less optimistic forecast of 1.9 percent growth.

CBO also said that the Trump budget contained too little detail to accurately predict its effects on the economy. Largely for the same reasons we explained in May: The tax cuts proposed by the administration would reduce revenue by more than $3 trillion, and the increased borrowing would result in higher interest payments. "The Congressional Budget Office's numbers don't add up", it claimed.

President Donald Trump's proposed budget would slash the federal deficit over the course of a decade, but it would not balance, according to an analysis from the Congressional Budget Office released on Thursday. Instead, it estimates that Trump's budget would reduce deficits by a third over the next decade relative to where they would be otherwise.

Other news