Trump’s $4.4T budget features soaring deficits

WASHINGTON, DC - FEBRUARY 12: Staff members display recently released printed copies of U.S. President Donald Trump's fiscal year 2019 budget at the House Budget Committee on Capitol Hill February 12, 2018 in Washington, DC. The budget is expected to contain funding requests for the building of a wall on the southern border of the U.S., infrastructure projects, and increased military funding. (Photo by Win McNamee/Getty Images)

WASHINGTON (AP) — President Donald Trump is sending Congress a $4.4 trillion spending plan that provides a huge increase in defense spending while cutting taxes by $1.5 trillion over the next decade. The result is soaring budget deficits.

Trump’s first budget last year projected that the government would achieve a small surplus by 2027. But the new budget never gets to balance. It proposes $7.1 trillion in red ink over the next decade, basically doubling last year’s forecast.

The new plan, for the 2019 budget year, seeks increases in such areas as building the border wall and fighting the opioid epidemic. Complicating matters, Trump last week signed a $300 billion measure to boost defense and domestic spending, negating many of the cuts in his new budget plan.

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