UP

White House denies 'egregious' budget accounting error

Home page World
12 Punto 14 Punto 16 Punto 18 Punto
White House denies 'egregious' budget accounting error

The White House has denied the president's budget proposal contains an "egregious" maths error.

Axar.az reports citing BBC.

Former US Treasury Secretary Larry Summers pointed out the spending plan double-counts $2tr (£1tr).

But White House budget director Mick Mulvaney told reporters: "We stand by the numbers."

Unveiled on Tuesday, the budget proposes deep cuts to welfare programmes.

Mr Summers, also formerly chief economist of the World Bank, was one of the first to spot the apparent mistake.

"It appears to be the most egregious accounting error in a presidential budget in the nearly 40 years I have been tracking them," he wrote on his blog.

He said the spending plan was "simply ludicrous".

The budget forecasts about $2tr in extra federal revenue growth over the next 10 years, which it uses to pay for Mr Trump's "biggest tax cut in history".

But that very same $2tr is then used to reduce the budget deficit.

"My observation is that there appears to be a logical error of the kind that would justify failing a student in an introductory economics course," Mr Summers wrote.

A prominent conservative economist agreed there was a discrepancy.

Douglas Holtz-Eakin, president of the American Action Forum and former director of the Congressional Budget Office, told the Los Angeles Times the numbers "don't seem to match".

Date
2017.05.24 / 23:15
Author
Axar.az
See also

Ukraine updates Russian losses on day 1412

Bluefin tuna sells for record-breaking $3.2 mln in Tokyo

Trump says he doesn’t believe Ukraine struck Putin residence

Khamenei plotting Moscow escape if regime falls

At least 32 Cubans killed in US attack on Venezuela

Russian strike on Kyiv kills one

US will hit Iran ‘very hard’ if more protesters killed

Venezuela’s Maduro due in US court

Starlink to boost internet in Armenia’s remote schools

U.S. operation in Venezuela aided by Maduro’s inner circle

Latest
Xocalı soyqırımı — 1992-ci il Bağla
Bize yazin Bağla
ArxivBağla