Trump’s $4.4-trillion budget moves deficit sharply higher
AP|
Feb 13, 2018, 08.39 AM IST
WASHINGTON: President 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 part, the impact of last year’s tax overhaul, which is projected to cause federal tax revenue to plummet. And Monday’s budget submission does not yet reflect last week’s twoyear 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, the budget projects. The spending spree, along with last year’s tax cuts, has the deficit moving sharply higher with Republicans in control of Washington.
Trump’s plan sees a 2019 deficit of $984 billion, though $1.2 trillion is more plausible after last week’s budget pact and $90 billion worth of disaster aid is tacked on. That’s more than double the 2019 deficit the administration promised last year.
The growing deficits reflect, in part, the impact of last year’s tax overhaul, which is projected to cause federal tax revenue to plummet. And Monday’s budget submission does not yet reflect last week’s twoyear 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, the budget projects. The spending spree, along with last year’s tax cuts, has the deficit moving sharply higher with Republicans in control of Washington.
Trump’s plan sees a 2019 deficit of $984 billion, though $1.2 trillion is more plausible after last week’s budget pact and $90 billion worth of disaster aid is tacked on. That’s more than double the 2019 deficit the administration promised last year.
