CBO predicts much larger deficits than Trump White House
WASHINGTON (MarketWatch) - An independent review of President Trump's proposed 2019 budget proposal estimates that future deficits would be twice as large as the White House projects. The federal deficit would total $965 billion in fiscal 2027 and $1.1 trillion in 2028, according to the nonpartisan Congressional Budget Office. The White House had predicted the deficits would total $450 billion in 2027 and $445 billion in 2028. In a report issued Thursday, the CBO concluded government spending would be higher and tax revenues lower than the White House predicts. Lower tax revenue would stem in part from the Trump tax cuts.