The growing deficits reflect, in part, the impact of last year’s tax overhaul, which is projected to cause federal tax revenue to plummet. Trump’s plan sees a 2019 deficit of $984 billion, though $1.2 trillion is more plausible after last week’s budget pact and $90 billion worth of disaster aid is tacked on. All told, the new budget sees accumulating deficits of $7.2 trillion over the coming decade; Trump’s plan last year projected a 10-year shortfall of $3.2 trillion. Mick Mulvaney, the former tea party congressman who runs the White House Budget Office, said Sunday that Trump’s new budget, if implemented, would tame the deficit over time. “The budget does bend the trajectory down, it does move us back toward balance.

Source: thestar February 12, 2018 16:52 UTC