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.
Pres. Trump: “I did not want DACA in the budget. I wanted DACA separate, so that we can talk about it and make a deal. I hope to be able to make a deal…If the Democrats want to make a deal, it’s really up to them.” https://t.co/ssoxkQNzcS pic.twitter.com/R2LHxj1KZE
— ABC News (@ABC) February 12, 2018
Trump budget plan would widen deficit to $984 billion in fiscal 2019 https://t.co/gvRPp4gAyj
— The Wall Street Journal (@WSJ) February 12, 2018
A few snapshots of the $4.4T Trump budget:
* 27% cut to State Dept
*34% cut to EPA
* 14% increase for Pentagon
*$18B over 2 yrs for border wall
*2019 deficit projected at $984B; red ink totals $7.1T over 10 yrs
*Entitlement cuts of $1.7T over a decade, incl $237B from Medicare
— Laura Litvan (@LauraLitvan) February 12, 2018