WASHINGTON (AP) — The nonpartisan Congressional Budget Office says that President Donald Trump’s budget plan wouldn’t curb the spiraling deficit like it claims.
Trump’s budget, released in February and mostly ignored since, promises spending cuts and economic growth that would cut the deficit to $363 billion in 10 years. CBO says it would instead hit almost $1.1 trillion if all of the president’s policies were followed.
All told, CBO says Trump’s budget would produce deficits of $9.5 trillion over the coming decade instead of the $7.2 trillion promised by the White House.
CBO takes a more cautious approach to estimating tax revenues and economic growth.
Either way, deficits are likely to go even higher. Congress has passed legislation — signed by Trump — that rejected many of the proposed spending cuts.
This article provided by NewsEdge.