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.
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.