http://www.marketwatch.com/story/trump-plans-could-produce-7-trillion-surplus-adviser-says-2016-05-11?mod=mw_share_twitterTrump adviser says his candidate has unreleased plan to create a $7 trillion surplus in a decadePublished: May 11, 2016 3:58 p.m. ET
Surplus would be huge turnaround from what’s now projected
By
ROBERT
SCHROEDER
A Donald Trump campaign adviser is predicting a surplus of as much as $7 trillion from the candidate’s plans.
Donald Trump’s chief policy adviser said Wednesday that the presumed Republican presidential nominee’s economic plans could result in a budget surplus of as much as $7 trillion in 10 years.
Speaking at a fiscal summit sponsored by the Peter Peterson Foundation, Trump adviser Sam Clovis said economic growth envisioned by the candidate’s plans and “other factors we are going to propose” could produce a surplus of between $4.5 trillion and $7 trillion.
Such a surplus would be a remarkable turnaround from what is currently projected. The Congressional Budget Office, in its latest estimate, said the deficit would be $1.3 trillion in 2026.
The CBO’s estimate assumes current law remains unchanged. Trump is proposing to drastically overhaul taxes, and has said his plans will result in “significant GDP growth.”
The Independent Tax Foundation estimates that Trump’s plan would increase the federal government’s deficit by $10 trillion.
Clovis said much of that $10 trillion number would be offset by higher economic growth. He added the surplus would result “if all of our initiatives are put in place.”
Clovis did not detail the extra initiatives or say when they would be unveiled.
Trump, meanwhile, has reportedly asked conservative economists to offer him recommendations about his tax plan. Wednesday morning, Politico reported the economists are aiming to make it more politically palatable by slashing the $10 trillion price tag.
