An Analysis of the President’s 2019 Budget

The White House, Washington DC

Over the next 10 years, the cumulative deficit under the President’s proposals would be $3.0 trillion less than the $12.4 trillion in CBO’s baseline. The deficit would average 3.7 percent of GDP, CBO estimates.

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Data and Supplemental Information

Corrections and Updates

On August 10, 2018, CBO revised this report. CBO’s original estimates incorrectly accounted for certain revenue and outlay effects related to refundable tax credits. The revisions alter estimated revenues, outlays, and deficits in the later years of the budget window. They reduce projected deficits under the President’s budget proposals by a total of $28 billion, mostly in fiscal years 2026 through 2028. The corrections are reflected in Tables 1, 2, 3, and 5 and in the relevant references in the text. CBO also reposted the file of data underlying the report’s tables and figure.