US president Donald Trump has submitted a draft budget with expenditures of 4.4 trillion dollars for tax year 2019. The plan includes an increase in defense budget of 686 billion dollars.
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In return, programmes for poorer, older and or needy should be deleted. According to draft, Ministry of Foreign Affairs is expected to lose 27 percent of its budget, EPA 37 percent.
In United States, President traditionally presents his own draft budgets, which are primarily pure wish lists. Trump’s plan will not be implemented in this form. US media called him “science fiction” or “stillbirth” in his first reactions. The budget law is at Congress. Only a few days ago, he adopted current budget with a plus of 300 billion over two years – with considerable criticism from Republicans who traditionally demand budgetary discipline.
More money for border guards
In plan, White House for financial year 2019 estimated higher expenditure on wall of border of Mexico, promised by Trump, of 18 billion dollars; A total of 23 billion dollars should be spent on border protection. Anor 13 billion dollars are earmarked for fight against misuse of painkillers and its consequences.
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Trump will save on health care program Medicaid for poor, elderly and handicapped, pension benefits for federal employees and student loans as well as food vouchers. In addition, health insurance Scheme adopted under its predecessor, Barack Obama, will be replaced by aid to individual states in amount of 1.6 trillion dollars in next ten years. Here Trump follows a proposal from Republican senators Bill Cassidy and Lindsey Graham.
Despite se cuts, White House reckoned alone for 2019 with a deficit of 984 billion dollars. However, according to budget and disaster relief agreements of last week, 1.2 trillion deficits are likely to be expected. That’s more than twice as much as Trump had promised last year.
7.2 trillion dollars of new debt
Trump was, among or things, in election pledge to reduce state’s debt. In its first budget presented last year, Trump had predicted a small budget increase of up to 2027, as US government assumed that tax reform, which had not yet been decided at time, would increase revenue by two Would increase trillions of dollars.
In now presented version of budget re is talk of a decline in tax revenues of 3.7 trillion dollars to 2027. Even if elimination of social benefits in next ten years, as in draft, would save three trillion dollars, US government would have to add 7.2 trillion dollars in additional debt during this period.
Three percent growth
In his cover letter to household, Trump promised US a “new Age of American grandeur.” The whole country is covered by spirit of optimism. “America is back to win again,” wrote president.
The budget statement is based on estimated economic growth of three percent, persistently low inflation, and assumption that interest rates for US government debt, which is now more than 20 trillion dollars, remain low. Trump’s budget director, Mick Mulvaney, assured that spending plan would ultimately reduce debt. “The budget pushes curve downwards. It brings us back towards equilibrium. It moves us away from trillion-dollar deficits, “said Mulvaney to Fox News Channel.
The budget also foresees investments of 1.5 trillion dollars in country’s infrastructure. However, US government wants to contribute only 200 billion dollars. The big rest should be brought by individual states and private companies. Critics doubt that this bill is going up.
