Republican resistance especially in the Senate, together with united opposition from Democrats, means the Trump budget is unlikely to get through Congress intact. Besides increasing military spending, Trump seeks an additional $200 billion in infrastructure spending over the next several years. The military spending increase will please Republicans who argue that the United States needs to counter the military investments of adversaries China and Russia. According to budget documents made available to the Los Angeles Times, Trump would balance the budget in two ways. In its broad outlines, that picture suggests an orthodox Republican one: lower taxes, higher military spending and steep cuts in the federal safety net.
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The first full budget laid out by the Trump administration assumes its policies will kickstart an era of 3% growth. Bloomberg News U.S. Treasury Secretary Steven Mnuchin says the economy can accelerate to 3% growth, and beyond. Treasury Secretary Steven Mnuchin targeted that growth rate in a hearing before the Senate Banking Committee last week. As President Donald Trump took office, the administration said it would target an even more ambitious 4% growth rate. Read: Forget 4% growth: 3% would be a major feat for Trump after record drought
Reuters President Donald Trump's budget sees savings paired with a growth rate analysts say will be difficult to achieve. President Donald Trump's budget estimates over $2 trillion in savings will result under the 3% economic growth assumed in the proposal, an ambitious target analysts say would be hard to achieve. But analysts say growth of that magnitude would be a major feat. The budget, to be released on Tuesday, assumes savings of $2.1 trillion under what the White House calls the effects of economic feedback. The Committee for a Responsible Federal Budget recently said achieving 3% growth would require a "heroic combination of good policy and good luck."
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Trump budget forecasts rosy economic growth
The first full budget laid out by the Trump administration assumes its policies will kickstart an era of 3% growth. Bloomberg News U.S. Treasury Secretary Steven Mnuchin says the economy can accelerate to 3% growth, and beyond. Treasury Secretary Steven Mnuchin targeted that growth rate in a hearing before the Senate Banking Committee last week. As President Donald Trump took office, the administration said it would target an even more ambitious 4% growth rate. Read: Forget 4% growth: 3% would be a major feat for Trump after record drought
More than $2 trillion in savings to come from economic growth: Trump budget
Reuters President Donald Trump's budget sees savings paired with a growth rate analysts say will be difficult to achieve. President Donald Trump's budget estimates over $2 trillion in savings will result under the 3% economic growth assumed in the proposal, an ambitious target analysts say would be hard to achieve. But analysts say growth of that magnitude would be a major feat. The budget, to be released on Tuesday, assumes savings of $2.1 trillion under what the White House calls the effects of economic feedback. The Committee for a Responsible Federal Budget recently said achieving 3% growth would require a "heroic combination of good policy and good luck."
read more visit us Economic
collected by :John Miller