"The Trump administration's proposed budget is an extension of what has become, particularly during the last three administrations, fiscal folly. Tax policy has become shambolic and spending discipline is non-existent."
"Economic growth is projected to slow and to fall well below its 1976-2025 average. The federal government is expected to continue growing more rapidly than the private sector."
"Current federal revenues are about the same as they have been during the past 50 years, and are projected to grow only moderately. Federal deficits are significantly higher than during the past 50 years, and are projected to increase significantly in the future."
President Trump's Fiscal 2027 Budget proposal, released two months late, suggests a 40% increase in defense spending and a 10% cut in non-defense discretionary spending. Despite these cuts, overall government spending is expected to rise, resulting in a ballooning deficit and a public debt-to-GDP ratio exceeding 100%. The Congressional Budget Office forecasts indicate slowing economic growth, increasing federal deficits, and a significant rise in mandatory spending, highlighting ongoing fiscal challenges and a lack of spending discipline.
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