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.
The Congressional Budget Office estimates the annual US deficit would total around $720 billion in 2027 instead of being eliminated as promised by President Donald Trump.
Earlier this year, Trump released a 2018 plan that aimed to balance the federal budget by 2027 and reduce the share of the national deficit relative to the size of the USA economy.
The cumulative deficit from 2018 to 2027 under Trump's budget, if enacted, would total $6.8 trillion. The White House had asserted its plan would cut the debt-to-GDP ratio to 60%.More news: Bank of Canada hikes rates to 0.75%, first to follow Fed footsteps
In this graphic, the President's budget assumes a deficit of $603 billion in the current fiscal year - the CBO estimate is $693 billion. Pitched as a "taxpayer first" plan by the White House, the proposal includes $3.6 trillion in spending reductions by slashing funds for entitlements and discretionary spending. "CBO agrees that this is the largest deficit reduction package in American history".
Not only is the White House's criticism of the CBO based on a misleading critique of its Obamacare projection, but the video completely overlooks that a White House analysis of the House version of Trumpcare forecast even more drastic coverage losses than the CBO.
"The CBO is a budget office", White House Deputy Press Secretary Sarah Huckabee Sanders told reporters in late June. "The people I worked for in the White House would never have done this".