Trump sends $4.4 trillion budget to Congress featuring high yearly deficits
Posted: 11:52 am Monday, February 12th, 2018
By Staff Writer
Moving away from Republican Party orthodoxy on fiscal matters, President Donald Trump on Monday sent Congress a budget plan for 2019 that makes little headway on reducing the federal deficit in coming years, as estimates from Mr. Trump’s own plan show the yearly deficit running close to $1 trillion in four of the next six years.
Numbers from the fine print of the Trump budget show deficits over $900 billion in 2019, 2020, 2021 and 2022.
The White House estimate for the budget deficit in the current 2018 fiscal year is $832 billion.
These figures do not take into account the two-year budget agreement reached last week by Congress, which would increase spending by some $400 billion over the 2018 and 2019 fiscal years.
This graphic from the Trump budget proposal shows estimated revenues (receipts coming into Uncle Sam) and spending (outlays), along with the estimated deficit.
As you can see, the Trump budget projects that tax revenues coming in to the feds will go up by over $1 trillion in five years – but that spending will also go up by about $1 trillion in the same period.
In this estimate, the feds would run up new deficits of $5.4 trillion between 2018 and 2023.