Washington (CNN) The White House is preparing to present a budget that would not eliminate the federal deficit in the next 10 years, according to a summary of the plan obtained by CNN Sunday night. The President is expected to release a $4.8 trillion budget plan for 2021.The Wall Street Journal first reported the anticipated budget. News of the proposed budget comes after the US budget deficit ballooned past $1 trillion in 2019, marking the first time the country has crossed that threshold in a calendar year since 2012. And the deficit has continued to grow due in part to tax cuts and a two-year budget deal that has boosted federal spending under Trump. The plan also calls for at least $1.5 trillion in cuts to "non-defense discretionary programs," which does not include Medicare or Social Security, according to CNN's review of the planned budget.

Source: CNN February 09, 2020 21:44 UTC