CBO Director Phillip Swagel joined the SquawkCNBC team this morning to discuss entitlement spending and the federal budget deficit.
On Thursday, the White Houseof the Trump administration's economic agenda — claiming credit for changing the trajectory of the nation's record expansion, while taking aim at the Obama administration's record.
In its annual report to Congress, the White House highlighted GDP growth that has outpaced expectations and a jobless rate that has hit historic lows under Trump. Tomas Philipson, acting chairman of the White House Council of Economic Advisors, said, "Three years into the Trump administration, the U.S. economy continues to outperform pre-2016 election expectations and also reverses or improves trends compared to the prior expansion after the Great Recession."While economic growth trends stronger, Swagel stressed that now is the time to address the U.S. budget. "The sun is shining, now is time to look at our roof and start to fix it.
The White House, which projects the deficit hitting $1 trillion this fiscal year and lingering at $200 billion after a decade, has said strong economic growth over time will reduce budget shortfalls.In August, the CBO raised its federal deficit forecast, saying the U.S. will average a whopping $1.2 trillion per year between 2020 and 2029.
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