Trump Budget Director Admits No Plan B if Inflated Growth Projections Aren’t Realized
March 12, 2019
Today, U.S. Congressman Scott Peters (CA-52) questioned the Office of Management and Budget (OMB) Acting Director Russell Vought after President Trump released his Fiscal Year 2020 budget. The budget blueprint calls for major cuts to education, environmental protection, energy, health care, and housing programs. Rep. Peters was recently appointed to the House Budget Committee.
“Instead of investing in research, education, safe drinking water, and clean air, the President’s proposed budget slashes these critical programs and assumes rosy economic growth projections that most economists think are inflated, probably by 50 percent. It's one thing to wish for that economic growth. It's another thing to build your budget around it. These cuts are just another attempt by the president to pay for his billion dollar border wall after Congress denied him the funds.
“In San Diego—and across America—we know that investments in energy research and renewables generate seven dollars for every dollar spent and provide a roadmap for our clean energy future. Acting Director Vought couldn’t explain why those programs were dramatically cut, while gas and oil companies were given subsidies.
“Additionally, OMB suggests that debt would fall to 71 percent of gross domestic product (GDP) by 2029. According to calculations from the Committee for a Responsible Federal Budget, national debt instead would rise to roughly 87 percent of GDP in 2029. The budget also extends the Republican tax cuts, which will add another $1 trillion to deficits on top of the tax bill’s initial cost of $1.9 trillion over a decade.
“The Administration made little effort to propose serious, realistic budget reform that we desperately need. We must begin to tackle our national debt and reduce deficit-financed spending,” said Rep. Peters.
Watch Rep. Peters question Acting Director Vought here.