"The budget uses an optimistic assumption about economic growth, which few economists believe is realistic, and assumes the president's tax plan is deficit-neutral, despite independent scores that the plan would reduce revenues by around $5 trillion", Politico reports.
If tax receipts are coming in slower than expected, this could raise pressure on lawmakers to raise or suspend the debt ceiling by the August recess. This is an elementary double count. Corporations and high earners - including jobs-generating small-business owners - receive long overdue tax cuts; there's even money for Trump's Mexico wall. "At least you can not do so in a world of logic", Summers wrote on his blog.
"The Trump team prides itself on its business background". "But make no mistake - this budget is dead on arrival".
He defended the budget against charges it drastically cuts funding for important safety net programs like Medicaid, as well as tightening eligibility for disability insurance, a move set to save more than $70 billion over 10 years.
However, one of the most respected economic minds of modern times begs to differ.
Mulvaney's appearance was one of four slated on Wednesday as Trump Cabinet officials fanned out on Capitol Hill to defend Trump's budget, which contains jarring, politically unrealistic cuts to the social safety net and a broad swath of domestic programs. Already, the House GOP bill would roll back former President Barack Obama's Medicaid expansion while also capping future federal financing for the program. 3%, in my opinion, is minimal.
Besides, Trump's budget - which includes a $52 billion increase in military spending next year alone - wouldn't really bring down the national debt, despite what Mulvaney claims.
On Tuesday, OMB Director Mick Mulvaney unveiled President Trump's latest budget proposal.
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Lindsay Chambers, a Hawaii DOE spokesperson, said that HIDOE doesn't want to speculate about proposed cuts, until "we know exactly how this will impact the Department".
"The measure of success is not how much cash or government or welfare assisted", Kudlow said.
"You have this perverse incentive effect going on, because the work requirements have been decimated", Kudlow said of Clinton-era policies that weaned people off government payments. Yet America's poorest and most vulnerable people should be the last group called upon to sacrifice for the sake of deficit reduction, not the first - and certainly not the only. "If they went to work, they would lose their health care".
There does not appear to be sufficient political support among congressional Republicans for his proposed $600 billion cut over a decade to Medicaid, the nation's health insurance program for the poor and almost poor. "And we will have a great debate about the details on how to achieve those goals".
"While the President's budget proposal is a statement of priorities for his administration, the ultimate responsibility for passing a budget and funding the government rests with Congress", Toomey said. "We'll put our own imprint on it, particularly with regard to overseas".