Trump Unveils Budget With Trillion Dollar Deficit

The Associated Press reports:

President Donald Trump unveiled a $4.4 trillion budget for next year that heralds an era of $1 trillion-plus federal deficits and — unlike the plan he released last year — never comes close to promising a balanced ledger even after 10 years.

The growing deficits reflect, in great part, the impact of last year’s tax overhaul, which is projected to cause federal tax revenue to drop. And Monday’s budget submission does not yet reflect last week’s two-year bipartisan $300 billion pact that wholly rejects Trump’s plans to slash domestic agencies.

Tax revenue would plummet by $3.7 trillion over the 2018-27 decade relative to last year’s “baseline” estimates, the budget projects. Trump is requesting a record $686 billion for the Pentagon, a 13 percent increase from the 2017 budget enacted last May.