The budget submitted Monday shows the growing deficits despite major cuts for domestic programs, largely because of last year's tax overhaul, which is projected to cause federal tax revenue to drop. Deficit sharply higherThe spending spree, along with last year's tax cuts, has the deficit moving sharply higher with Republicans in control of Washington. 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. Trump's budget director Mick Mulvaney says that Trump's new budget, if implemented, would tame the deficit over time.

Source: CBC News February 12, 2018 17:37 UTC