Trump proposes record $4.75 trillion budget, increasing defense spendingStaff Writer | March 11, 2019
U.S. President Donald Trump proposed a record $4.7 trillion federal budget for 2020.
America President Trump relying on optimistic 3.1 percent economic growth
The deficit is projected to hit $1.1 trillion in the 2020 fiscal year, the highest in a decade.
The administration is counting on robust growth, including from the Republican tax cuts which Trump wants to make permanent to push down the red ink.
Some economists, though, say the bump from the tax cuts is waning, and they project slower growth in coming years.
Trump's proposal for the new fiscal year, which begins Oct.
1, sets up a showdown with Congress over priorities, including his push for $8.6 billion to build the U.S-Mexico border wall.
Titled "A Budget for a Better America: Promises Kept.
Taxpayers First," Trump's proposal "embodies fiscal responsibility," said Russ Vought, the acting director of the Office of Management and Budget.
Despite the large projected deficits, Vought said the administration has "prioritized reining in reckless Washington spending" and shows "we can return to fiscal sanity."
Trump's budget proposes increasing defence spending to $750 billion while reducing nondefense accounts by 5 per cent, with cuts recommended to economic safety-net programs used by many Americans.
The $2.7 trillion in proposed spending cuts over the decade is higher than any administration in history, they say.
The national debt is $22 trillion. ■