American 2019 budget: Infrastructure, border wall, opioids
The 160-page budget projects a gap between tax revenue and spending amounting to at least $7 trillion by 2026. Largely because of the tax cut, $2 trillion of additional debt is anticipated for 2019 and 2020 alone.
Last year, the White House projected a budget surplus of $16 billion could be reached by 2027.
Monday's budget projects the federal budget deficit will not be eliminated after 10 years.
The budget projects a tax receipt shortfall of $314 billion in 2018, and a $400 billion deficit in 2019. The figures could be even more severe if the plan to remove $554 billion from Medicare spending over 10 years is not approved by a Congress.
The budget also projects a $47 billion savings over 10 years, as Medicare recipients pay for a higher percentage of their medication. It calls for a $214 billion cut from the Supplemental Nutrition Assistance Plan, and a reorganization of government which potentially eliminate duplicating programs.
A short time earlier, the White House also revealed its long-awaited $1.5 trillion infrastructure plan, which will now be sent to Congress.
The proposal seeks to repair and replace U.S. highways, bridges and airports by committing $200 billion in federal funding during the next decade. Grants to secure local and private funding account for $100 billion of the plan.
Another $50 billion will go toward rural needs, to be determined by each state, and $20 billion is reserved for what the plan calls "technical assistance for bold, innovative, and transformative infrastructure projects that could dramatically improve infrastructure." ■