The proposed budget released by the White House shows the deficit declining to 1.9% of GDP in 2018 and a microscopic 1.6% of GDP by 2024. Don’t believe it. The budget fails to tackle entitlement reform, the Republicans will never vote for any of the proposed tax increases, and the upbeat deficit numbers rely on much faster GDP growth (for example 3.4% in 2015) than I believe will happen.