The White House on Tuesday released a budget plan for 2017 that anticipates the government will rack up $6.1 trillion in new debt over the next 10 years, well short of the $9.4 trillion estimate that the Congressional Budget Office released in January.
The White House budget sees annual budget deficits in the $400 to $600 billion range over the next five years. From 2022 to 2026, the White House sees budget deficits in the $600 to $700 billion range.
But in January, the CBO released much higher estimates that said the annual budget deficit would spike to nearly $900 billion after five years, and exceed $1 trillion from 2022 to 2026.
According to CBO, $9.4 trillion in new debt will be added, putting the total national debt north of $28 trillion by 2026.
The lower White House figures would put the national debt at a somewhat smaller $25 trillion by 2026.
CBO’s estimate of total new debt over the next decade is 50 percent higher than the White House estimate.
