Trump contends his economic plan won’t raise national debt as projected
Trump intends to pay off the US national debt in 8 years
President of the United States of America Donald Trump criticized politicians for failing to settle federal debt and promised to liquidate it in the next eight years.
The country has already approached a $ 1 trillion deficit this year, with the president expressed support deal on the federal budget, which will increase spending by billions amid falling tax revenues.
«GOP must support a two-year budget agreement that is very helpful to our military and veterans», – Trump said on a bill that will raise the debt ceiling until July 2021.
The deal, struck by Treasury Secretary Stephen Mnuchin and House Speaker Nancy Pelosi, will pave the way with both Republicans and Democrats on budget priorities. This will increase spending by about $ 320 billion..
Economists predict this bill will raise the national debt to $ 1.7 trillion over the next decade..
«Congress is back. Time to cut, cut and equalize», – Donald Trump tweeted in 2011. «No problem with income. Debt Limit Can't Be Raised Until Obama's Spending Limits».
Trump’s many proposals for paying off the national debt
Conservative group of the U.S. House of Representatives sent a letter to the President. «You must veto this bill because it is financially irresponsible», says the address of the congressmen. «This significantly exceeds what was established by the 2011 budget control law. Costs exceed revenues by hundreds of billions of dollars a year. Such a policy will not lead our country to a balanced budget».
The federal budget deficit widened by about 38% in the first seven months of the fiscal year, in part due to lower revenues following a $ 1.5 trillion tax cut package that took effect last year. This despite a strong economy, which tends to encourage lawmakers to take steps to reduce it..
House of Representatives plans to vote on a budget deal on Thursday before the six-week August break begins.