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The White House Makes a ‘Trillion-Dollar Admission’

U.S. Office of Management and Budget (OMB) Director Mick Mulvaney (R) listens as U.S. President Donald Trump meets with members of the Republican Study Committee at the White House in Washington, U.S. March 17, 2017.

The White House Office of Management and Budget on Friday released its updated annual budget request, known as the mid-session review. The numbers don’t mean much given that the president’s budget won’t be enacted — but they do contain what the Committee for a Responsible Federal Budget calls “a very big trillion-dollar admission.” Namely, the White House’s own deficit projections keep rising, thanks to the recently passed tax cuts and spending increases.

The updated budget now includes a projected 2019 deficit of $1.085 trillion, up from $984 billion in February — and more than double the $526 billion the White House called for in its 2018 budget.

“This is a striking acknowledgement following almost two years of claims that economic growth unleashed by these policies will wipe deficits away,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget.

Meanwhile, the average growth rate projected over 10 years has dropped under 3 percent.


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Posted by on July 18, 2018.

Categories: NEWS, WORLD NEWS

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