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

Trump White House trashes CBO for being inaccurate — and proceeds to misspell 'inaccurately'

"Today's CBO report makes clear just how far the President's budget is from balance", said Maya MacGuineas, president of the Committee for a Responsible Federal Budget, in a statement.

The CBO also said the White House proposal for tax overhaul "lacked the specificity necessary to evaluate any (economic) effects from such a change".

There was no immediate reaction to the report from the Trump administration.

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.

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 video echoes a talking point White House officials have used for months.

"The tax reform concepts rely nearly entirely on the budget resolution passing", Mulvaney said at a breakfast with reporters.

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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".

But Mulvaney was quick to downplay calls for an aggressive timeline on the administration's agenda.

CBO is the nonpartisan scorekeeper charged with giving lawmakers independent analysis of legislation, the budget and the economy.

A White House spokeswoman did not immediately return request for comment on the CBO's projections.

President Donald Trump's proposed budget plan for the 2018 fiscal year would reduce the US deficit by one-third over the next 10 years if approved, the non-partisan Congressional Budget Office (CBO) said Thursday.

But the CBO estimates the budget would not balance, refuting the White House's claim that it would. 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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