"On Wednesday, President Trump will unveil a new set of principles for what he calls “massive” tax cuts for businesses and individuals — a plan bigger “than any tax cut ever.”
Those massive cuts will come with a massive problem for Trump’s economic team: how to pay for them. The White House doesn’t appear to have settled on a means of making up the trillions of dollars in lost federal revenue that economists predict will accompany Trump-size cuts. But administration officials are signaling they may be leaning away from hard choices to finance the cuts, and toward highly optimistic assumptions about economic growth"
"....On Monday, Trump signaled that cutting the corporate tax rate from 35 percent to 15 percent is his top priority, according to the Wall Street Journal — a move that by itself could cost the government $1.9 trillion."
"...he doesn’t appear inclined to ax popular tax breaks, such as those for homeowners or real estate developers. His budget blueprint cuts domestic spending, but only to fund increases in military and homeland security spending. Without any of those options at his disposal, his only hope to avoid adding to the deficit is a near doubling of economic growth."
His plan for the budget appears to be the poker player's strategy of "betting on the come". The new term in government for it is "dynamic scoring". Doubling economic growth is optimistic by any standards. What could possibly go wrong?
Remember when the Republicans were moaning about the deficit under Obama? Hopefully they will hold Trump's feet to the fire. The good news is that his plans are unlikely to get the approval of Congress.