Tags: National Debt | Trump Administration | congressional budget office | cbo | omb | 2019 | federal budget

CBO Paints Less Rosy Picture of 2019 Budget Request

Image: CBO Paints Less Rosy Picture of 2019 Budget Request
Office of Management and Budget Director Mick Mulvaney (Manuel Balce Ceneta/AP)

By    |   Thursday, 24 May 2018 06:18 PM

The Congressional Budget Office called out the White House in a new report concerning the 2019 budget proposal, saying the Trump administration inflated the budget's impact on the overall deficit.

"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," CBO wrote in a report. "By contrast, the administration estimates that the deficit would be $5.2 trillion smaller than the baseline amount during that period."

Further, the CBO concluded the proposed 2019 budget would have a minimal impact on the estimated fiscal year 2018 deficit.

"If the proposals [in the budget] were enacted, the deficit in 2018 would total $792 billion (or 3.9 percent of GDP), an amount nearly identical to the deficit in CBO's baseline projections," the CBO wrote. "By comparison, the deficit in 2017 was $665 billion (or 3.5 percent of GDP)."

The Committee for a Responsible Federal Budget (CRFB) said the deficit reduction discrepancy between the CBO and the White House comes down to projected economic growth.

The White House Office of Management and Budget "projects real GDP growth averaging 3 percent over the next decade while CBO's projects an average of 1.8 percent," the CRFB wrote.

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A new report concerning the 2019 budget proposal by the Congressional Budget Office called out the White House, saying the Trump administration inflated the budget's impact on the overall deficit.
congressional budget office, cbo, omb, 2019, federal budget
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2018-18-24
Thursday, 24 May 2018 06:18 PM
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