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Politics CBO: Deficit savings for Trump budget nearly half of White House estimate

23:26  24 may  2018
23:26  24 may  2018 Source:   thehill.com

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Trump 's budget would reduce deficit but wouldn't balance like White House promised, CBO says. The nonpartisan Congressional Budget Office says President Trump 's budget will reduce the federal deficit over a decade.

Mick Mulvaney, the former tea party congressman who runs the White House budget office , said Sunday that Trump ’s new budget , if implemented, would tame the deficit over time. Current spending for Superfund is already down to about half of what it was in the 1990s.

Donald Trump in a suit and tie © Provided by The Hill

The Congressional Budget Office (CBO) on Thursday contradicted a White House estimate on President Trump's budget request for 2019, estimating that it would cut the deficit by nearly half the amount the White House has claimed.

"The federal deficit would be $2.9 trillion smaller under the President's budget than in CBO's baseline during the 2019-2028 period, CBO estimates," the CBO said in a report released Thursday. "By contrast, the Administration estimates that the deficit would be $5.2 trillion smaller than the baseline amount during that period."

According to the CBO, the deficit projections for 2018 under the president's proposal are nearly identical to the current projected baseline.

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In 2016 he shared a statistics filled statement as part of the State of the Union speech about lowering the deficit by nearly three-quarters. Trump ’s budget would notably shrink from the CBO baseline… According to the estimates of CBO , the deficit would decrease from the 3 billion projected for

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

The CBO and the White House have frequently been at odds in their estimates of how policy would affect the economy, making the CBO a frequent target of attacks from the administration and Trump allies in Congress.

The nonpartisan agency recently estimated that the White House plan to claw back spending by more than $15 billion would only prevent $1 billion in spending due to the fact that the plan targeted unobligated funds. By contrast, the White House had estimated that the plan would prevent $3 billion in expenditures.

The White House has also sparred with the CBO over its estimates of how GOP plans to repeal Obamacare would affect the uninsured rate and how the new Republican tax law would affect the deficit.

In its most recent review, the CBO said the tax law would grow the deficit by nearly $1.9 trillion over a decade. Administration officials such as Treasury Secretary Steven Mnuchin have argued that the law would grow revenues, not shrink them.

Senate turns back attempt by Paul to force budget debate

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WASHINGTON (AP) - Congressional Budget Office refutes White House claim that Trump plan would balance budget within decade. CBO estimate of Trump budget : 0 billion deficit in 2027.

In March, the nonpartisan Congressional Budget Office projected a 4 billion deficit in fiscal 2016, which ends on Sept. 30. Shaun Donovan, director of the White House Office of Management and Budget , said the new projection is actually billion lower than the 6 billion deficit estimated by

The report released Thursday also found that the president's plan would reduce the growth of the federal debt.

Currently, federal debt held by the public amounts to 78 percent of gross domestic product (GDP) and is projected to grow to 96 percent over a decade. The president's budget would bring that figure down to 86 percent of GDP in the same time frame, mostly by slashing $2.1 trillion in nondefense spending $1.3 trillion in mandatory health spending.

The president's budget is not expected to seriously affect spending this year. Congressional appropriators are sticking to a bipartisan budget deal struck earlier in the year and are already moving forward with marking up spending bills that largely disregard the president's proposal.

The administration's proposal was released before the budget deal was struck, and it was amended to reflect the updated figures for 2018.

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