President Trump’s first budget (for FY 2018) projected a $526 billion deficit in 2019, under its policies. The FY 2019 Mid-Session Review released last Friday revises his current budget to a $1,085 billion deficit in 2019. That’s an increase of roughly $560 billion, or more than double.
Altogether, tax cuts and spending hikes account for more than four-fifths of the deficit increase between the President’s FY 2018 Budget and the recent Mid-Session Review. Moreover, CBO’s estimates show revenue will fall by $1 trillion, not rise by that amount.Read More