White House Proposes $4.4 Trillion Budget That Adds $7 Trillion to Deficits
- 6 years ago
White House Proposes $4.4 Trillion Budget That Adds $7 Trillion to Deficits
Despite that approach, the budget proposal would add $984 billion to the federal deficit next year
and would continue adding $7 trillion to the federal deficit over the next 10 years.
The plan does not completely embrace the two-year budget deal struck by Congress
and signed by Mr. Trump last week to boost both domestic and military spending by $300 billion.
Mick Mulvaney, Mr. Trump’s budget director, informed House Speaker Paul D. Ryan, Republican of Wisconsin, in a letter
that the president is proposing to pour much of the increased domestic spending in that package into defense and fixing “some longtime budget gimmicks” that have added to the nation’s deficits.
That bill, which President Trump signed into law last week, would increase military spending by $195 billion over the next two years
and increase nondefense spending by $131 billion over that period.
WASHINGTON — 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.
Mr. Mulvaney, in his letter, said spending at the levels Congress authorized would add too much to the federal deficit.
Despite that approach, the budget proposal would add $984 billion to the federal deficit next year
and would continue adding $7 trillion to the federal deficit over the next 10 years.
The plan does not completely embrace the two-year budget deal struck by Congress
and signed by Mr. Trump last week to boost both domestic and military spending by $300 billion.
Mick Mulvaney, Mr. Trump’s budget director, informed House Speaker Paul D. Ryan, Republican of Wisconsin, in a letter
that the president is proposing to pour much of the increased domestic spending in that package into defense and fixing “some longtime budget gimmicks” that have added to the nation’s deficits.
That bill, which President Trump signed into law last week, would increase military spending by $195 billion over the next two years
and increase nondefense spending by $131 billion over that period.
WASHINGTON — 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.
Mr. Mulvaney, in his letter, said spending at the levels Congress authorized would add too much to the federal deficit.