Tuesday, May 23, 2017
Trump Seeks Historic $3.6 Trillion In Spending Cuts, Including Selling Half The US Strategic Oil Reserve
From Zero Hedge by Tyler Durden
More details of President Donald Trump's first budget proposal were reported Monday by Bloomberg and Reuters. The leaks add to the picture of what we know about Trump’s budget, which also includes a flurry of leaks published by The Washington Post, the Associated Press and Bloomberg late Sunday, which fleshed out Trump’s plans to slash entitlement spending.
In total, the budget plans to trim $3.6 trillion in spending over 10 years across all discretionary spending and non-discretionary spending lines, in order to enable tax reductions across the board: if enacted - and remember that the president's budget is just an initial blueprint which rarely passes in its original form - the Trump administration would implement the deepest cuts to government programs in a generation, delivering the opening salvo in a new round of budget battles in Washington.
This is key to balancing the budget by the 10th year.