However, the deficits the CBO projects "are larger" than those estimated by the Trump administration, because the White House projects higher revenue due to faster economic growth projections.
When Trump released his budget proposal, the White House said it would eliminate the deficit in a decade and reduce the national debt to 60 percent of GDP, down from the current 77 percent.
"The preliminary analysis from the Office of Management and Budget forecast that 26 million people would lose coverage over the next decade, versus the 24 million [the] CBO estimates", Politico reported in March, citing a document obtained by the publication.
CBO's conclusion differs from the White House's largely because the CBO - and most economists - project slower economic growth than the administration assumes.
Trump's May budget submission proposed jarring, politically unrealistic cuts to the social safety net for the poor and a swath of other domestic programs.
The Congressional Budget Office just released its analysis of President Trump's budget proposal, released earlier this year.
CBO also said that the Trump budget contained too little detail to accurately predict its effects on the economy.
"C.B.O.'s analysis shows the president's claim of a balanced budget is built on a house of cards, reinforced by economic growth rates that are far outside of the mainstream consensus and would be unprecedented given today's demographic realities", said Maya MacGuineas, president of the Committee for a Responsible Federal Budget, a nonpartisan advocacy organization.
The video echoes a talking point White House officials have used for months. But in a pre-emptive strike on Wednesday, the White House wrote on Twitter: "Faulty Numbers = Faulty Results". "The Congressional Budget Office's numbers don't add up", it claimed.
"We are thrilled that CBO confirms that the president's proposed budget resulted in the largest deficit reduction they have ever scored".