CBO: Trump spending plan will cut deficit but not balance budget

The White House made a video attacking the budget office that gave devastating reviews to the GOP healthcare bills

After the budget office released its report on Thursday, they said Mr. Trump would have to address Social Security and Medicare spending and rely on more realistic economic projections to fulfill his campaign pledge to restore fiscal sanity.

The short video, issued by the White House, was released onto its YouTube channel.

The CBO said Trump's decade-long spending plan would trim the current almost $20 trillion national debt by $3.3 trillion, not the $5.6 trillion the White House projected. When his team released its budget in May, it was off by $2 trillion thanks to ultra-rosy economic predictions and a bit of accounting magic that used the same pot of money twice-once to pay for a tax cut and once to reduce the deficit. But in other cases when proposals lacked specificity, including a plan to save $139 billion by reducing improper government payments and $35 billion by easing financial regulations, the CBO and JCT didn't count the potential savings in their estimates.

However, the CBO said it would not balance the budget.

"Nearly all of that (deficit) difference arises because the administration projects higher revenue projections - stemming mainly from a projection of faster economic growth", CBO said.

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The CBO said did not take into account all of Trump's proposals that may affect the economy because "the details on numerous proposed policies are not available at this time".

The White House blueprint would cut $2 trillion in mandatory spending, including $1.9 trillion on health care. The changes to Medicaid have been a point of political contention among Republican lawmakers. "The people I worked for in the White House would never have done this".

In a show of support for the Republican-backed health care bill, the White House launched an attack on the Congressional Budget Office.

The nonpartisan Congressional Budget Office said on Thursday that President Donald Trump's 2018 budget would reduce the federal deficit over the next decade but the reduction will be lower than White House estimates due to slower economic growth.

"We are thrilled that CBO confirms that the president's proposed budget resulted in the largest deficit reduction they have ever scored".

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