WASHINGTON (AP) – President Donald Trump is relying on an optimistic projection of 3.1 percent economic growth to bring his proposed $4.7 trillion budget into balance in the future, along with accounting shuffles and steep cuts to domestic programs.
The 2020 budget released Monday projects a $1.1 trillion deficit for the fiscal year beginning Oct. 1.
Trump is banking on robust economic growth, but some economists say the boost from the Republican tax cuts are waning. The non-partisan Congressional Budget Office projects growth to slow to 1.7 percent in coming years.
Presidential budgets are rarely enacted, but Trump’s sets up a new confrontation with Congress. He proposes boosting defense dollars but shifting some of it to a contingency account that doesn’t count toward budget caps. He also wants an additional $8.6 billion for the U.S.-Mexico border wall.
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