14 July, 2017
President Donald TrumpDonald TrumpTrump Jr.'s meeting with Russians highlights vulnerabilities in electoral system WATCH LIVE: Trump press conference with Macron CBO: Trump budget would not balance MORE's budget would not balance after a decade, according to a score from the Congressional Budget Office released Thursday.
Over a decade, the C.B.O. said, Mr. Trump's budget proposals would reduce the projected $10.1 trillion deficit by $3.3 trillion, not the $5.6 trillion that the White House has projected.
The annual budget deficit in 2027 would be about $720 billion under Trump's proposal, the CBO said in a report, not eliminated as promised by the White House, which has projected a $16 billion surplus. The CBO isn't convinced that those tax cuts will generate much additional economic growth, either.
Trump's May budget submission proposed jarring, politically unrealistic cuts to the social safety net for the poor and a swath of other domestic programs.
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"The CBO report shows that the president built his budget on fantasy projections", said Rep. John Yarmuth of Kentucky, the top Democrat on the House Budget Committee.
CBO also said that the Trump budget contained too little detail to accurately predict its effects on the economy. That's 11 points below the current projections, but far from the promises touted by the White House.
The White House's official Twitter account posted a tweet that says, "The Congressional Budget Office's math doesn't add up". But Trump's tax overhaul plan is so far so sketchy that it can fit on a single page.
The White House blueprint would cut $2 trillion in mandatory spending, including $1.9 trillion on health care. Its projections included a $2 trillion math error, claiming the amount would be spent twice on balancing the budget and tax cuts. Instead, it estimates that Trump's budget would reduce deficits by a third over the next decade relative to where they would be otherwise.