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08.03.2019 20:22

White House to unveil unbalanced budget on Monday - CNBC reports, citing sources

The White House is expected to unveil a budget on Monday that does not balance, said CNBC, citing two people familiar with the plans.

According to the report, the revenue shortfall is particularly notable as the budget is also expected to project the economy will grow at an annual rate of 3 percent, higher than many private forecasts. Achieving 3 percent growth has become a mantra within the administration, however, with officials continuing to argue the expansion is being fueled by the Republican tax cuts.

The deficit would also persist despite the administration's plans for steep cuts in discretionary programs outside of the Defense Department. In an op-ed last month, Acting Budget Director Russ Vought said the administration will seek a 5 percent cut to all other federal agencies. A person familiar with the budget said this cut will be calculated from the caps on spending outlined in the Budget Control Act.


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