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Congressional Budget Office Casts Doubt on Trump Spending Plan

Congressional Budget Office Casts Doubt on Trump Spending Plan

Today, the Congressional Budget Office, which acts as an independent analyst for USA lawmakers, released its analysis. That's 11 points below the current projections, but far from the promises touted by the White House.

The CBO analysis found that the budget would reduce deficit spending from the current baseline of 3.6 percent of GDP by about a third, with deficits over the decade ranging between 2.6 percent of GDP and 3 percent of GDP.

Under the Trump budget, the federal deficit would total $720 billion by 2027, compared with a $16 billion surplus estimated by the White House, the CBO said in an analysis of the president's budget released Thursday. Trump's budget also proposes saving $610 billion over the next decade by overhauling the Medicaid program, the CBO said. The nonpartisan scorekeeper estimated that deficits in each of the coming 10 years will exceed the $585 billion in red ink posted last year.

The CBO said it also didn't have enough information about numerous president's economic policy proposals to calculate their effects on the budget.

Congress ultimately gets to approve a budget for Trump's signature, which means numerous White House's priorities may not end up in the final budget. The CBO isn't convinced that those tax cuts will generate much additional economic growth, either.

The CBO said did not take into account all of Trump's proposals that may affect the economy because "the details on numerous proposed policies are not available at this time". The White House promised that its juiced-up economic projections will produce $2.1 trillion in deficit reduction, mostly from overhauling the tax code and reducing the burden regulations have on the economy. But it doesn't factor in Trump's tax cuts, since not enough information has been provided.

The analysis came as the administration and Republicans controlling the House are struggling to unite Republicans behind an alternative congressional budget plan that's a prerequisite for a hoped-for tax reform effort this fall.

"While it does very well at times predicting things on budget - whether it's revenue or spending, we don't always agree that it does a great job predicting (health care) coverage", White House deputy press secretary Sarah Huckabee Sanders told reporters last month.

However, if Congress were to adopt major portions of the plan, federal budget deficits would shrink relative to the size of the overall economy in the coming decade, while the cumulative federal deficit would be almost a third smaller than now projected by government analysts, according to a study issued Thursday by the Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT).


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