Off The Wire
Trump adviser sees U.S. budget gaps of 4 percent to 5 percent of GDP
NEW YORK (Reuters) - A top adviser to President Donald Trump said on Monday he expects U.S. budget deficits of about four percent to five percent of the nation’s economic output for the next one to two years, adding that there would likely be an effort in 2019 to cut entitlement program spending.
White House economic adviser Larry Kudlow, speaking at the Economic Club of New York, also said he did not expect Congress would be able to make recent individual tax cuts permanent before the Nov. 6 midterm congressional elections.
Reporting by Chris Prentice in New York; Additional reporting by David Lawder in Washington; Writing by Susan Heavey; Editing by Tim Ahmann