The Congressional Budget Office has all but dismissed the Trump administration’s budget proposal, announcing Wednesday that the budget would not balance after 10 years.
The CBO has been routinely criticizing the Trump team’s numbers, saying earlier this month the government has a spending problem that won’t end well. Their analysis found that Trump’s promises to reduce deficit spending amount to about a third reduction from the current baseline of 3.6 percent, with deficits over the decade ranging from 2.6 to 3 percent of GDP.
Trump promised to reduce the national deficit from its current level of 77 percent GDP to 60 percent, but the CBO projected the debt burden would rise to 80 percent over the decade. That number is 11 points lower than the originally projected debt burden, but far from what the White House has said.
While the CBO berates the proposal for employing sleight of hand accounting tactics and relying too heavily on generous economic projections to reach the numbers it does, the Trump team has attacked the CBO’s credibility.
A White House spokeswomen responded with a statement to the CBO’s release of their budget analysis.
“This Administration is committed to making the necessary investments to restore our military, secure our borders, and modernize our infrastructure,” she said.
The opposition is using the CBO report to denounce Trump’s proposal as well, as House Budget Committee Ranking Member John Yarmouth said it shows the numbers are based on “fantasy projections.”
“The facts are that Trump’s extreme proposals would severely under-invest in our families and communities, while at the same time give millionaires and corporations massive tax breaks,” he said.
"BUILD THE WALL" bumper stickers now on sale. (BUY NOW)
If you would like to receive Breaking News text alerts on a smartphone or tablet, download the DML APP which is completely FREE and easy to use. Go to the Google Play Store or the IOS App Store and search for DML APP. Be sure to keep the app’s notifications setting on. Another way to receive alerts is to text to 40404 the following message: follow @realdennislynch (be sure to put a space between the word follow and the @ symbol).
To see more stories like this, sign up below for Dennis Michael Lynch’s email newsletter.
Sign up to get breaking news alerts from Dennis Michael Lynch.
Famous rock star announces run for Republican senate seat