Trump budget: US deficit would continue past 2nd term - Business Insider

Red ink would continue to flow for another decade and a half under the latest White House budget proposal, undermining a longtime campaign pledge for President Donald Trump and a traditional talking point for the Republican party. to pay off the now $22 trillion national debt within eight years. But administration officials estimate the gap between expenditures and revenue will continue through 2035 under a budget proposal set for release Monday.

The proposal for fiscal 2021 is unlikely to become official and would instead serve as a blueprint for spending negotiations with Congress if Trump wins re-election in November. It is scheduled for release at 12:30 p.m. ET, according to an official at the White House Office of Management and Budget.

The White House is expected to call for increases to the military budget and cuts to foreign aid and some domestic programs, including safety net programs such as Medicaid and food stamps. Over the past three years, bipartisan spending sprees and GOP-led tax cuts have added trillions to the deficit.

After the financial crisis, Republicans expressed deep concerns about deficit-related risks and demanded more fiscal discipline in Washington. But the party has increasingly embraced red ink in the Trump era, while the influence of budget hawks has waned. in its latest report that the budget deficit would surpass $1 trillion this fiscal year, the first time it has breached that level since post-crisis stimulus measures were in effect in 2012.

The increases come despite a solid economy, alarming experts because deficits typically fall during periods of growth.

Oh where, oh where have all the fiscal conservatives gone?

.

Hey Business Insider...news flash..Trump is a liar.

This could be a stroke of genius. Maybe an 80/20 taxes/spending cuts with Dems, with the taxes coming from a surcharge on the gillionaires?

Mexico will pay for the budget deficit

Yes, but he said his promise wouldn’t start until 2027!

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

UBS adds features, redesigns wealth management app for US clients - Business InsiderFinancial advisers are looking to tech to help show that they can be more than just a stock picker. Meanwhile, flashy roboadvisers have set expectations for next-gen clients.
Source: BusinessInsider - 🏆 729. / 51 Read more »

2 US troops killed, 6 injured in Afghanistan Army base shooting - Business InsiderAmerican troops killed the shooter after the Afghan soldier opened fire on the US servicemen at an Army base in Nangarhar. 18 years
Source: BusinessInsider - 🏆 729. / 51 Read more »

Pompeo urges U.S. state governors to be cautious in business with ChinaU.S. Secretary of State Mike Pompeo urged governors of U.S. states and territori... “The boss doesn’t like people cuttin’ in on his turf. See...?” Careful, China's location on a map may change tomorrow, according to the Secretary of State. Unless they're sure to cut him in.
Source: Reuters - 🏆 2. / 97 Read more »

Here's why the 2020 election-year economy is shaping up perfectly for Trump - Business InsiderThe number of jobs added and unemployment rate looks great on the surface, but it masks deeper problems in the US. Media and WH stop lying Economy. Carter grown by 5% in 1976, and it continued to grow at a similar pace during 1977 and 1978.Trump’s Economic Growth Is Slower Jimmy Carter and Than Obama’s Last 3 Years
Source: BusinessInsider - 🏆 729. / 51 Read more »

Man arrested at White House with knife, said planned to kill Trump - Business InsiderThe 25-year-old man was taken into custody and brought to a hospital for a mental health evaluation in the Secret Service's latest security incident.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Mike Bloomberg is the only Democrat to top Trump in Gallup poll of small business ownersMike Bloomberg gets 52% vs. 48% for President Trump in a Gallup poll of small business owners. Wait he is a Democrat? Cant you say former Republican who is trying to buy a presidency... Elizabeth Warren is getting jealous. You are bluffing !
Source: CNBC - 🏆 12. / 72 Read more »