The cumulative deficit under the President’s policies would total $9.5 trillion over the 2019–2028 period, $2.9 trillion less than in CBO’s baseline. Over that period, the deficit would range from 3.2 percent to 4.5 percent of GDP, averaging 3.7 percent. As a result, federal debt held by the public would increase from 78 percent of GDP this year to 86 percent in 2028.

The two largest proposed changes over that period are a $2.1 trillion reduction in nondefense discretionary spending (excluding that designated for overseas contingency operations) and a $1.3 trillion reduction in mandatory spending for health care.

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