WASHINGTON – President Donald Trump's budget will require that the economy grow at least 3 percent over the next five years, despite a more pessimistic consensus from external forecasters.
However, the government will claim that it has met or exceeded its economic forecasts for the EU for the President's first two terms in accordance with the materials received from CNBC. In 2017, the growth of the White House in the fourth quarter would be expected to grow by 2.3 percent compared to the previous year. It actually reached 2.5 percent.
Last year, the administration forecasted growth of 3.1 percent by the end of the year. While government data for 2018 showed growth of 2.9 percent, Wall Street economists, who had measured fourth quarter growth versus the fourth quarter, were up 3.1 percent in 2018.
In addition, external estimates are usually based on the current value policy.
Trump's budget, like that of his predecessors, assumes that the proposals in his budget are in force. A government official said that defense spending for the financial year 2020 would rise once by $ 174 billion. The budget will also include deep cuts in all other federal spending: 5 percent less than this year. It is expected that the White House will raise $ 8.6 billion to build the border wall, an official said.
The White House budget is also likely to require a permanent reduction in tax cuts for individuals and businesses to fuel growth in later years. Individual tax cuts will expire after 2025, while some corporate provisions will expire over several years.
The White House forecasts show that the rate of growth slowed to 2.9 percent in 2025 and then flattened to 2.8 percent by 2029. This is in line with the administration's projections last year.