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.

(© Copyright 2018 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments

Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Dallas / Fort Worth

Drip Pan: CBS Local App
Drip Pan: Weather App
Drip Pan: Only CBS

Watch & Listen LIVE