page_title: Economic policy of Donald Trump administration
section_title: Federal budget deficit and debt 2017-2019
hierarchical_section_title: Economic policy of Donald Trump administration / Federal budget deficit and debt 2017-2019
caption_attribution_description: English: The CBO April 2018 baseline for the 2017-2027 period includes a $1.6 trillion higher budget deficit projection than the July 2017 baseline. This is due to the 2017 Tax Act and other spending legislation. The effect from the legislation is partially offset by economic feedback and technical changes.
context_page_description: The economic policy of the Donald Trump administration is characterized by individual and corporate tax cuts, attempts to repeal the Patient Protection and Affordable Care Act, trade protectionism, immigration restriction, deregulation focused on the energy and financial sectors, and responses to the COVID-19 pandemic.
  A key part of President Trump's economic strategy during his first three years was to boost economic growth via tax cuts and additional spending, both of which significantly increased federal budget deficits. The positive economic situation he inherited from President Obama continued, with a labor market approaching full employment and measures of household income and wealth continuing to improve further into record territory. President Trump also implemented trade protectionism via tariffs, primarily on imports from China, as part of his "America First" strategy. According to the Congressional Budget Office, the number of Americans without health insurance increased under Trump, while his tax cuts were projected to worsen income inequality.
caption: The CBO April 2018 baseline for the 2018–2027 period includes a $1.6 trillion higher debt (sum of deficits) projection than the June 2017 baseline and $2.3 trillion higher than the January 2017 baseline. This is due to the 2017 Tax Act and other spending legislation. The effect from the legislation is partially offset by economic feedback and technical changes.[16]
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