While the U.S. government reported a $49 billion surplus in January, there are another 11 months in the year, and after Congress agreed on a wide-ranging spending deal last week, Trump signed a funding law that is expected to push annual budget deficits to about $1 trillion.
Given that the federal deficit was $587 billion during Obama’s last year, there’s no excuse for this whatsoever. However, Trump’s proposed 2019 budget will include spending cuts, three trillion worth from 2019-2029.
According to The Hill,
President Trump on Monday rolled out a White House budget that includes deep cuts to some federal agencies, an increase in funding for the Pentagon and $18 billion for a wall on the Mexican border.
It includes proposals to cut deficits by more than $3 trillion over a decade and lower debt levels as a percentage of the gross domestic product, but does not balance by doing away with annual deficits.
It also includes funding for Trump’s long-awaited infrastructure plan, which was put off in the president’s first year in office for efforts to repeal ObamaCare and pass tax cuts. It seeks $200 billion in government funds to stimulate $1.5 trillion in infrastructure investments.
Like other presidential budgets, Trump’s blueprint will almost certainly not become law. But it still highlights the White House’s priorities in an election year that looks to be dominated by debates about infrastructure, immigration and the nation’s economic health.
The president’s budget is not law or legislation because Congress sets government spending. The budget, titled “Efficient, Effective, Accountable: An American Budget,” is officially a request to Congress and a statement of the Administration’s fiscal priorities.
Despite the overall cuts, the budget sets aside $200 billion for an infrastructure program that Trump aims to pass with Democrat support. There’s also an additional $18 billion set aside for Trump’s central campaign promise: a border wall at the U.S.-Mexico border.
What do you think of Trump’s budget? Do you agree that we need to get spending under control? Tell us your thoughts below!
