"Either the $2 trillion of added cash inflows resulting from faster economic growth can pay for more government spending and reduce the need for government to borrow, or that $2 trillion can replace the cash lost to the government from cutting taxes and reduce the size of painful tax increases you need to propose", Hennessey wrote in a blog post on Tuesday. "So it creates a lie that we all then either address or don't address, but it makes for a make-believe debate that I find frustrating". "Worse, it double counts up to $2.1 trillion in revenue, a blatant accounting error". But the aging baby boomer population means this rate has been slowing and dampening growth relative to the levels enjoyed in the several decades after World War II, when growth averaged close to 3 percent.
"These cuts that are being proposed are draconian", said veteran GOP Rep. Harold Rogers, who represents a poor district in eastern Kentucky. As Alice Rivlin, who served as director of the Office of Management and Budget under Clinton, told the Times, "This has been a very long period of growth and we're at the high end already".
Mulvaney told the House Budget Committee that "receipts now are coming a little bit slower than expected". Many of these recipients in fact, are among the president's most ardent supporters.
As you might image, the Budget Committee's Democrats were scathing in their assessment of President Trump's first budget.
Mark Warner, D-Va., told Mulvaney Thursday.
Mulvaney told the committee that the FY 2018 budget seeks to eliminate the federal deficit within in the next decade and also strives to grow the economy at an annual rate of three percent.
The budget proposal, however, contains an assumption that receipts from the estate and gift taxes will increase to $43 billion in 2027 from $21 billion now.
Rep. Katherine Clark of MA asked whether a private school should be allowed to receive public money if it rejects LGBT students, DeVos says that decision is best left for states to make.
"If states get fewer dollars from the federal government, there are only so many options, because states have to balance the budget every year", said Elizabeth Carpenter, a health policy expert with the consulting firm Avalare Health.
DeVos says school choice gives parents and children education opportunities regardless of their income, zip code and race.
Levi Russell, spokesman for Americans for Prosperity, the conservative group backed by billionaire Charles Koch, applauded Trump's call to balance the budget within 10 years, cut taxes and roll back regulations - moves he said would stimulate job growth.
"It appears to be the most egregious accounting error in a presidential budget in the almost 40 years I have been tracking them", he wrote in his blog. She said that's "cruel", "heartless" and "inhumane".
"It is mathematically impossible to take those general principles and assume their impact on a particular family", he said.
Democratic Representative Pramilla Jayapal of Washington said that that cuts to food stamps, payments to the disabled, and other programmes are "astonishing and frankly immoral".
Democrats also took aim at proposed cuts to social programs.
The budget does feature a handful of domestic initiatives, including a six-week paid parental leave program championed by Trump's daughter, Ivanka, that would be designed and financed by the states through cuts to unemployment insurance. Treasury Secretary Steve Mnuchin, Education Secretary Betsy DeVos and Agriculture Secretary Sonny Perdue were the others.
The accusation? The Trump team had based its pledge to achieve a balanced budget in 10 years by assuming its ambitious tax cuts policies will boost growth, but without including the cost of those tax cuts to the exchequer.