After Just a Year, Trump’s Balanced Budget Promises Ring Hollow
Published on February 13, 2018
By FLONAD News
By Andrew Soergel.
The president’s latest budget proposal shows accelerating deficits in the years ahead.
President Donald Trump’s 2019 budget proposal would return the U.S. to years of trillion-dollar deficits and more than double the debt burden the administration initially anticipated it would generate in its budget request from last year.
The $4.4 trillion spending plan was published Monday morning and calls for steep across-the-board cuts to help offset increased military and nuclear spending.
The bulk of the document is likely to be ignored by the Capitol Hill lawmakers who hold the government’s purse strings – as is customary of presidential budget proposals.
But the White House’s wishlist for fiscal 2019 looks a lot different from Trump’s first crack at a proposal that was published last year.
The administration appears to have resigned itself to escalating U.S. deficit spending as Trump continues down his predecessors’ path.
In the government’s 2019 fiscal year alone, Trump’s Office of Management and Budget projects the deficit will clock in north of $900 billion – a total likely to climb further in the weeks and months ahead, as the new budget proposal did not take into account a $400 billion deal that Trump signed on Friday to end a short-lived government shutdown.
Just a year ago, Trump’s budgetary wonks estimated 2019’s deficit would hit just $526 billion.
That first budget proposal also estimated the administration would add less than $3.2 trillion to America’s debt burden over a 10-year window and that a balanced budget would be achieved by 2027.
This year’s budget projections, however, have more than doubled the administration’s debt impact.
It’s now expected that Trump’s policies will add more than $7 trillion to America’s debt burden over the next decade and that the budget will never get close to balancing over that window.
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