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Politics White House says budget deficit to be $99B higher this year

11:35  15 july  2017
11:35  15 july  2017 Source:   ap.org

GOP faces critical month for budget

  GOP faces critical month for budget “There are a lot of moving parts,” said Brookings budget expert Molly Reynolds. To begin with, neither the House nor the Senate's budget committees have unveiled their budgets, which set the spending levels for the next fiscal year.The problem is division within the Republican caucus, which is being pulled in opposing directions by defense hawks, deficit hawks and moderates.The House Budget Committee, which has twice delayed marking up its resolution, had agreed on spending $621 billion on defense and $511 billion on other areas.

WASHINGTON >> The White House says worsening tax revenues will cause the budget deficit to jump to 2 billion this year . That’s a $ 99 billion spike from what was predicted less than two months ago.

WASHINGTON (AP) — The White House says worsening tax revenues will cause the budget deficit to jump to 2 billion this year . That's a $ 99 billion spike from what was predicted less than two months ago.

FILE - In this May 24, 2017, file photo, Budget Director Mick Mulvaney testifies on Capitol Hill in Washington, before the House Budget Committee hearing on President Donald Trump's fiscal 2018 federal budget. The White House says worsening tax revenues will cause the budget deficit to jump to $702 billion this year. That's a $99 billion spike from what was predicted less than two months ago. The report from the Office of Management and Budget comes on the heels of a Congressional Budget Office analysis that scuttled White House claims that its May budget would balance the federal ledger within 10 years. (AP Photo/Jacquelyn Martin, File)© The Associated Press FILE - In this May 24, 2017, file photo, Budget Director Mick Mulvaney testifies on Capitol Hill in Washington, before the House Budget Committee hearing on President Donald Trump's fiscal 2018 federal budget. The White House says worsening tax revenues will cause the budget deficit to jump to $702 billion this year. That's a $99 billion spike from what was predicted less than two months ago. The report from the Office of Management and Budget comes on the heels of a Congressional Budget Office analysis that scuttled White House claims that its May budget would balance the federal ledger within 10 years. (AP Photo/Jacquelyn Martin, File)

WASHINGTON — The White House says worsening tax revenues will cause the budget deficit to jump to $702 billion this year. That's a $99 billion spike from what was predicted less than two months ago.

Trump Tax Cuts Cost $7.8 Trillion, Aid Top Earners, Study Finds

  Trump Tax Cuts Cost $7.8 Trillion, Aid Top Earners, Study Finds President Donald Trump’s proposed tax cuts would lower federal revenue by $7.8 trillion over a decade and mostly benefit the highest earners, according to a new study released Wednesday by the nonpartisan Tax Policy Center.About 40 percent of the tax cut would go to the top 1 percent of earners, who’d see an average after-tax gain of 17.8 percent. By contrast, the middle one-fifth of Americans would see an average gain of 3.3 percent, the study said.

WASHINGTON (AP) — The White House says worsening tax revenues will cause the budget deficit to jump to 2 billion this year . That’s a $ 99 billion spike from what was predicted less than two months ago.

The White House budget office also says the deficit for the 2018 budget year that starts on Oct. 1 will increase by 9 billion to 9 billion. But lawmakers are already working on spending bills that promise to boost that number even higher by adding to Trump’s Pentagon proposal and ignoring

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The report from the Office of Management and Budget comes on the heels of a rival Congressional Budget Office analysis that scuttled White House claims that its May budget, if implemented to the letter, would balance the federal ledger within 10 years. The OMB report doesn't repeat that claim and instead provides just two years of updated projections.

The White House budget office also says the deficit for the 2018 budget year that starts on Oct. 1 will increase by $149 billion to $589 billion. But lawmakers are already working on spending bills that promise to boost that number even higher by adding to Trump's Pentagon proposal and ignoring many of Trump's cuts to domestic programs.

Congressional Budget Office Casts Doubt on Trump Spending Plan

  Congressional Budget Office Casts Doubt on Trump Spending Plan The independent government office said the president’s inaugural budget was overly optimistic about tacking the deficit.The Congressional Budget Office cast Mr. Trump’s inaugural budget as overly optimistic, expressing doubt about his promises to balance the federal budget. The budget projected that by 2027, the economy would achieve a small budget surplus. But according to the budget office, the deficit would remain at $720 billion.

WASHINGTON (AP) — The White House says worsening tax revenues will cause the budget deficit to jump to 2 billion this year . That's a $ 99 billion spike from what was predicted less than two months ago.

The White House says worsening tax revenues will cause the budget deficit to jump to 2 billion this year . That's a $ 99 billion spike from what was predicted less than two months ago.

Last year's deficit registered $585 billion.

The White House kept the report to a bare-bones minimum and cast blame on "the failed policies of the previous administration."

"The rising near-term deficits underscore the critical need to restore fiscal discipline to the nation's finances," said White House budget director Mick Mulvaney. "Our nation must make substantial changes to the policies and spending priorities of the previous administration if our citizens are to be safe and prosperous in the future."

In late May, Trump released a budget plan proposing jarring cuts to domestic programs and promising to balance the budget within a decade. But it relied on rosy predictions of economic growth to promise a slight surplus in 2027. Trump's budget, however, left alone Social Security retirement benefits and Medicare, though House Republicans are poised next week to again propose cutting Medicare as they unveil their nonbinding budget outline.

CBO says that Trump relied on far too optimistic predictions of economic growth and that Trump's rosy projections are the chief reason his budget doesn't balance as promised.

Trump's budget predicts that the U.S. economy will soon ramp up to annual growth in gross domestic product of 3 percent; CBO's long-term projections predict annual GDP growth averaging 1.9 percent.

White House deregulation push clears out hundreds of proposed rules .
The White House said Thursday it had withdrawn or removed from active consideration more than 800 proposed regulations that were never finalized during the Obama administration as it works to shrink the federal government's regulatory footprint.In a report, the Trump administration said it had withdrawn 469 planned actions that had been part of the Obama administration's regulatory agenda published last fall. Officials also reconsidered 391 active regulatory proceedings by reclassifying them as long-term or inactive "allowing for further careful review," the White House said.

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