(Bloomberg) -- The budget plan that the White House will present on Monday will show persisting deficits despite estimated annual economic growth of 3 percent and steep spending cuts, CNBC reports, citing two people familiar with the projections.

While previous administrations sought to project the end of deficits over the long term, President Donald Trump abandoned that approach last year. For fiscal year 2020, he will seek spending cuts of 5 percent from the caps outlined in the Budget Control Act in discretionary spending other than Defense, CNBC said.

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