WASHINGTON (AP) - President Donald Trump’s top economist is brushing off concerns about rising budget deficits and slowing economic growth in advance of the release of the president’s 2020 budget.
White House economic adviser Larry Kudlow says Trump’s budget “points a steady glide path” toward lower federal spending and federal borrowing as a share of the nation’s economy. The budget proposal will be released on Monday
Kudlow says “there’s no reason to obsess” about the budget deficit, even as it approaches $1 trillion, as long as it remains below 5 percent of the overall economy.
He says the budget will contain a proposed 5 percent across-the-board reduction in domestic spending.
Kudlow tells Fox News Sunday he’s confident that economic growth will top 3 percent in 2019 and beyond. Others have predicted lower growth.