White House underestimated new debt in Trump budget by $2.3 trillion: CBO

(Worthy News) – President Trump’s proposed budget would add $2.3 trillion more to deficits over the next decade than the White House estimated, the Congressional Budget Office said Thursday.

CBO, Congress’ agency for producing budget analyses, said Trump’s fiscal year 2019 budget would add $9.5 trillion to total deficits over the decade, not the $7.2 trillion the White House projected. The difference is mostly attributable to the CBO’s estimate of slower economic growth. Less growth means smaller tax collections and thus higher deficits.

Thursday’s analysis applied to the budget proposal that the White House submitted in February. [ Source: Washington Examiner (Read More…) ]

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