A Congressional Budget Office analysis of president Trump’s proposed 2020 budget finds that it would lead to $9.9 trillion in cumulative deficits over 10 years — about $2.7 trillion more than the White House estimated. CBO said most of the difference stems from the White House’s more optimistic economic forecasts, which project annual growth averaging about 3% a year over the next decade, compared to CBO’s forecast of growth averaging less than 2%.
The president’s budget would produce annual deficits averaging 3.8% of GDP from 2020 through 2029, CBO said, about the same level as last year and a full percentage point higher than the White House had estimated. Still, Trump's proposal would see the national debt rise less than current projections, growing to 87% of GDP rather than 92%, CBO said.
