More money for defense, retention of tax cuts, and less money for social programs and assistance to other countries! According to insiders, these are some of the key points in the budget that US President Donald Trump will officially present today.
According to anonymous sources, Trump wants to cut back on programs that benefit poor Americans, such as food stamps and Medicaid, which helps people with low incomes get health insurance.
Although Trump’s long-term plans are aimed at reducing the US budget deficit, he does not want to make a start on it in the budget year starting on October 1 – and with presidential elections coming in November.
All in all, the American president wants to spend 4.8 trillion dollars, more than a trillion more than the federal government receives in taxes. A trillion is a thousand billion.
4.6 percent deficit
The independent Congressional Budget Office estimated the deficit last month at 4.6 percent of gross domestic product, a lot higher than the 3 percent agreed in Europe as the maximum budget deficit allowed.