WASHINGTON (AP) — A new nonpartisan analysis says President Donald Trump’s budget plan would produce significantly larger budget deficits than promised when it was released in March, mostly because its estimates of economic growth are too rosy.
The Congressional Budget Office estimate says Trump’s budget, if enacted in its entirety, would produce deficits that would be $2.7 trillion greater over the coming decade than promised by the White House budget office.
CBO predicts deficits under Trump’s plan, which was criticized by both Democrats and Republicans, would total almost $10 trillion over 2020 through 2029. The administration promised deficits totaling $7.3 trillion.
The difference comes because Trump’s budget predicts economic growth averaging 2.9% over the coming decade while CBO estimates growth averaging 1.8% over that timeframe.