tiptrot.com June 22, 2018

CBO says Trump budget would reduce deficit but not balance budget

14 July 2017, 12:16 | Deanna Wagner

CBO says Trump budget would reduce deficit but not balance budget

US President Donald Trump waves as he arrives for a meeting with French President Emmanuel Macron at the Elysee Palace in Paris Thursday

Congress is charged with crafting the government budget and largely ignored Trump's recommendations when it passed a continuing resolution to temporarily fund the government earlier this year.

In some cases, the CBO and the Joint Committee on Taxation relied on administration cost-saving estimates for policy proposals that it deemed "achievable targets".

The cumulative federal deficit would be one-third smaller than CBO baseline projections that show deficits rising to 5 percent of GDP by 2027, the CBO said.

But the CBO estimates the budget would not balance, refuting the White House's claim that it would. The nonpartisan scorekeeper estimated that deficits in each of the coming 10 years will exceed the $585 billion in red ink posted last year.

Not only is the White House's criticism of the CBO based on a misleading critique of its Obamacare projection, but the video completely overlooks that a White House analysis of the House version of Trumpcare forecast even more drastic coverage losses than the CBO.

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.

"The reduction in deficits and debt under the president's budget would be achieved by decreasing both mandatory and discretionary spending significantly compared with projections under current law", the CBO said.

CBO also said that the Trump budget contained too little detail to accurately predict its effects on the economy. "The Congressional Budget Office's numbers don't add up", it claimed. The White House didn't want you to see it. The changes to Medicaid have been a point of political contention among Republican lawmakers.

"We are thrilled that CBO confirms that the president's proposed budget resulted in the largest deficit reduction they have ever scored".

The Congressional Budget Office estimates President Donald Trump's budget proposal would shrink deficits by almost a third over the coming decade, but not almost as much as the White House projects.

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