The CBO estimate for 2017 and 2018 are from their January 2017 baseline, dachshund walkin in a wiener wonderland christmas ugly sweater which reflected laws in place when President Trump was inaugurated.
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indicating the relatively low level of unemployment inherited by President Trump. It continued falling during the Trump administration to 3.5% by dachshund walkin in a wiener wonderland christmas ugly sweater December 2019, another 1.2 percentage points. The average unemployment rate through Trump’s first 35 months was 3.9%, the lowest of any modern President. As a presidential candidate, Trump pledged to eliminate $19 trillion in federal debt in eight years. Trump and his economic advisers initially pledged to radically decrease federal spending in order to reduce the country’s budget deficit. A first estimate of $10.5 trillion in spending cuts over 10 years was reported on January 19, 2017, although cuts of this size did not appear in Trump’s 2018 budget. However, the CBO forecast in the April 2018 baseline for
the 2018–2027 period includes much larger annual deficits than the January 2017 baseline he inherited from President Obama, due to the Tax Cuts and Jobs Act and other spending bills. The FY2018 deficit increased about 60% from the $487 billion level forecast by CBO in January 2017, just prior to Trump’s inauguration. The deficit increase relative to this forecast was due to Trump’s tax cuts and additional spending. CBO forecast in January 2017 that tax revenues in fiscal year 2018 would be $3.60 trillion if laws in place as of January 2017 continued. However, actual 2018 revenues were $3.33 trillion, a shortfall of $270 billion (7.5%) relative to the forecast. This difference is primarily due to the Tax Act. In other words, revenues would have been considerably higher in the absence of the tax cuts. President Trump’s policies have significantly increased the budget deficits and U.S. debt trajectory over the 2017–2027 time periods. Federal budget deficits from FY2016 through FY2018 ($ billions).