Monday, February 12, 2018

Trump Budget Could Add Almost $1 Trillion To Federal Deficit In One Year

Donald Trump
Completely turning "conservatism" on its head, President Trump has submitted a budget to Congress which would add $984 billion to the federal deficit next year and would increase the federal deficit over the next 10 years by $7 trillion.

From The New York Times:

President Trump on Monday sent Congress a $4.4 trillion budget with steep cuts in domestic programs and entitlements, including Medicare, and large increases for the military, envisioning deficits totaling at least $7.1 trillion over the next decade.

The blueprint, which has little to no chance of being enacted as written, amounts to a vision statement by Mr. Trump, whose plan discards longtime Republican orthodoxy about balancing the budget, instead embracing last year’s $1.5 trillion tax cut and new spending on a major infrastructure initiative.

According to Bloomberg reporter Laura Litvan, Trump's budget includes these nuggets:

• 27% cut to State Department
• 34% cut to Environmental Protection Agency
• 14% increase for Pentagon
• $18 billion over 2 years for the Trump wall
• Entitlement cuts of $1.7 trillion over the next decade including $237 billion from Medicare

Trump declared himself the "King of Debt" during the 2016 campaign, and that's just what he's delivering.

Of course, the president's budget is merely a blueprint. There's no way this will get passed "as-is."

Trump will sign anything the GOP-led Congress sends him. He just wants points on the board.

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