President Trump’s latest budget proposal would not lower the federal deficit as a share of gross domestic product (GDP), according to an analysis published Thursday by the nonpartisan Congressional Budget Office (CBO).
The CBO estimate found that Trump’s spending plan, which makes deep cuts to nondefense spending while boosting military funding, would leave deficits averaging 3.8 percent of GDP over the next decade, the same level as 2018.
The White House has said the president’s budget request would lower deficits to 2.8 percent of GDP in a 10-year period.
{mosads}The CBO also said in Thursday’s report that the cumulative deficit over the next decade would add up to $9.9 trillion, compared with the $7.3 trillion projected by the administration.
Still, Trump’s budget proposal would be an improvement over current projections when it comes to deficits, the CBO said.
The current baseline projects debt expanding from 78 percent to 92 percent of GDP. Under Trump’s plan, it would grow to 87 percent.
Since Trump took office, debt has surpassed $22 trillion, an increase of about $2 trillion.
“Today’s report makes clear that we can’t simply wish the debt away,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. “After a two-year binge of tax cuts and discretionary spending that added $2.4 trillion to the debt, we cannot afford to keep ignoring the need for fiscal responsibility.”