Tag: Jason Furman

President Trump’s Budget Would Add $7.2 Trillion in Federal Deficits Over 10 Years
Welfare

President Trump’s Budget Would Add $7.2 Trillion in Federal Deficits Over 10 Years

(WASHINGTON) — 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.
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.
All told, the new budget sees accumulating deficits of $7.2 trillion over the coming decade; Trump’s plan last year projected a 10-year shortfall of $3.2 trillion.
The 2019 budget was originally designed to double down on last year’s proposals to slash foreign aid, the Environmental Protection Agency, home heating assistance and other nondefense programs funded by Congress each year.
“A lot of presidents’ budgets are ignored.
“In fact, Congress passed a law last week that basically undid the budget before it was even submitted.” In a preview of Monday’s release, the White House on Sunday focused on Trump’s $1.5 trillion plan for the nation’s crumbling infrastructure.
The White House is putting focus this year on Trump’s long-overdue plan to boost spending on the nation’s crumbling infrastructure.