WASHINGTON (AP) — President Donald Trump is sending Congress a $4.4 trillion spending plan that provides a huge increase in defense spending while cutting taxes by $1.5 trillion over the next decade. The result is soaring budget deficits.
Trump’s first budget last year projected that the government would achieve a small surplus by 2027. But the new budget never gets to balance. It proposes $7.1 trillion in red ink over the next decade, basically doubling last year’s forecast.
The new plan, for the 2019 budget year, seeks increases in such areas as building the border wall and fighting the opioid epidemic. Complicating matters, Trump last week signed a $300 billion measure to boost defense and domestic spending, negating many of the cuts in his new budget plan.