Tags: Trump Administration | trump | administration | refuses | CBO | projection

Trump Administration Refuses CBO Projection

Image: Trump Administration Refuses CBO Projection
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By    |   Friday, 14 Jul 2017 01:10 PM

President Donald Trump's administration is denying the Congressional Budget Office's report on his economic plan, saying it will get the U.S. back to 3 percent economic growth.

The White House released a $4.1 billion budget proposal, which called for increased spending on the military and border security, and projected that the national debt would decrease by $5.6 trillion in 10 years.

The Congressional Budget Office determined that the deficit would remain at $720 billion, not reaching the small surplus expected by 2027 in Trump's plan, according to The New York Times.

Mick Mulvaney, director of the Office of Management and Budget, said on Fox Business Network Friday that Federal Reserve Chair Janet Yellen "can be wrong" when she says Trump's plan won't bring the country up to 3 percent growth for 5 years.

"MAGA-nomics, Make America Great economics," Mulvaney said, referring to the term he recently coined. "If we get a chance to put those policies in place, that comprehensive package of proposals the White House is coming up with, we do have a chance to get back to 3 percent growth."

He also hit against claims that Trump's plan won't balance the budget within the next decade.

"We expected that, because again, what are they assuming? They are assuming the new normal when it comes to economic growth, you drill down into their numbers as we did last night and this morning and they assume 1.9 percent GDP growth forever … we reject that."

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President Donald Trump's administration is denying the Congressional Budget Office's report on his economic plan, saying it will get the U.S. back to 3 percent economic growth.
trump, administration, refuses, CBO, projection
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2017-10-14
Friday, 14 Jul 2017 01:10 PM
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