White House: Trump policies bound to cut fiscal deficit by $11T

White House Chief Economist Stephan Miran believes that President Donald Trump's policies will cut the US fiscal deficit by trillions of dollars in the coming decade.

Speaking to the press on Wednesday, Miran pointed out, “We calculate that, overall, the reduction in deficits as a result of the total suite of the president’s policies is going to be roughly $8.5 to $11 trillion over the 10-year budget window.”

About half the budget savings, or $3 trillion to $5 trillion, would come from faster economic growth — given the pending Republican tax cut bill, along with the current administration's deregulation efforts, the chief economist further stated.

He also cited a $3 trillion bump in revenues from Trump’s tariff hikes, referring reporters to the Congressional Budget Office’s (CBO) recent calculation — which came in at $2.8 trillion.

Reduced debt loads, thanks in part to these savings, should help to bring down the US Treasury’s interest costs by nearly $1 trillion to $1.5 trillion, he added.

The US debt-to-GDP ratio, according to Miran, is set to tumble to 94% by 2034, instead of rising to 117% if Trump's 2017 tax cuts were allowed to expire. This ought to the accelerated growth, economic liberalization, and the US President’s energy policies.