President Trump’s top economic adviser, Larry Kudlow, on Friday said the federal deficit is falling, even though the latest data shows it is growing since the tax-cut law went into effect.
“As the economy gears up, more people working, better jobs and careers, those revenues come rolling in and the deficit, which was one of the other criticisms, is coming down,” Kudlow said in an interview with Fox Business. “And it’s coming down rapidly. Growth solves a lot of problems.”
In a report released earlier this month, the nonpartisan Congressional Budget Office (CBO) said the federal deficit had expended by $97 billion this year compared to last year.
Government spending surged 6 percent relative to last year, the CBO said, while revenues only increased 3 percent.
In a separate report this week on the 30-year budgetary outlook, the CBO projected a massive increase in deficits. The national debt was projected to double by 2048, far surpassing the highest historical debt burden in U.S. history.
It’s not clear if Kudlow was referring to other data. The Hill did not immediately receive comment from the White House or Treasury Department.
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