President Donald Trump‘s budget would not balance after a decade, according to a score from the Congressional Budget Office released Thursday.
The CBO analysis found that the budget would reduce deficit spending from the current baseline of 3.6 percent of GDP by about a third, with deficits over the decade ranging between 2.6 percent of GDP and 3 percent of GDP.
When Trump released his budget proposal, the White House said it would eliminate the deficit in a decade and reduce the national debt to 60 percent of GDP, down from the current 77 percent.
CBO assessed that the debt burden would rise to 80 percent. That’s 11 points below the current projections, but far from the promises touted by the White House.
The Trump proposal was roundly criticized for relying on rosy economic predictions and accounting gimmicks to reach those goals.
The administration has repeatedly slammed the CBO, criticizing it as inaccurate in hearings and releasing a video Wednesday questioning its credibility.
A White House spokeswoman pointed to the CBO’s statement that the budget plan would lead to deficit reduction.
“This Administration is committed to making the necessary investments to restore our military, secure our borders, and modernize our infrastructure,” she said.
House Budget Committee Ranking Member John Yarmuth (D-Ky.) said the CBO report showed Trump’s proposal is based on “fantasy projections.”
“The facts are that Trump’s extreme proposals would severely under-invest in our families and communities, while at the same time give millionaires and corporations massive tax breaks,” he said.
BY NIV ELIS – 07/13/17 11:23 AM EDT