US President Plans to Reduce Budget Spending by $3 Trillion

Forex News

On Friday, the US Congress approved a budget plan that allows to avoid a halt to the work of the government at least until March 2019. The agreement between the Republicans and the Democrats implies an additional increase in government spending by $300 billion, most of which will be received by the Pentagon. From the new federal budget, it is proposed to allocate $200 billion for the infrastructure modernization program, $23 billion for strengthening immigration control, and $85.5 billion for medical assistance to veterans of the war.

President of the United States Donald Trump proposed to gradually reduce budget expenditures by $3 trillion for the next 10 years, and the relevant request was forwarded to the Congress. After the document is considered by the House of Representatives and the Senate, it will return for signing to the head of state.

The US President is confident that the management spends more than it earns at the moment, and the draft budget for the next fiscal year will still not be able to fulfill the goal of the Republicans to eliminate the deficit, which amounted to about 666 billion dollars in 2017 (in 2019 it is predicted at the level of 1.1 trillion dollars).