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

White House deletes and reposts CBO video after spelling mistake

On Thursday, the White House budget office took heart that CBO credited it with $4.2 trillion worth of spending cuts over the upcoming decade, including $1.9 trillion from health care programs; it also says the administration would cut taxes by nearly $1 trillion over that time, mostly because of its plans to repeal the Affordable Care Act.

President Trump has touted his 2018 budget as a plan that would balance the budget in 10 years and reduce the national debt from 77 percent of GDP to 60 percent.

The CBO estimated that Trump's budget would cause the federal budget deficit to shrink relative to the size of the economy over the next 10 years, ranging between 2.6 percent to 3.3 percent of gross domestic product during that period.

The independent agency, whose financial estimates often shape lawmakers' policy decisions in the US, said, "The deficits that CBO estimates would occur under the president's proposals are larger than those estimated by the [Trump] administration". But Trump's tax overhaul plan is so far so sketchy that it can fit on a single page. "The Congressional Budget Office's numbers don't add up", it claimed.

The White House blueprint would cut $2 trillion in mandatory spending, including $1.9 trillion on health care.

The stakes on completing a budget are high for the Trump administration.

Republican Senator Susan Collins said: "I'm very concerned about the cost of insurance for older people with serious chronic illnesses and the impact of the Medicaid cuts on our state governments; the most vulnerable people in our society". This week the White House even released a video on its official Twitter account that assailed the credibility of the C.B.O.

President Donald TrumpDonald TrumpTrump Jr.'s meeting with Russians highlights vulnerabilities in electoral system WATCH LIVE: Trump press conference with Macron CBO: Trump budget would not balance MORE's budget would not balance after a decade, according to a score from the Congressional Budget Office released Thursday. Trump's spending and tax plans would reduce annual deficits by a cumulative total of $3.3 trillion over the coming decade, rather than the $5.6 trillion of total deficit reduction claimed by the administration.

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