Trump sends to Congress $4.1 trillion budget plan

By Ovunc Kutlu

NEW YORK

President Donald Trump sent his $4.1 trillion budget proposal plan for 2018 to the Congress that would cut social programs for the poor, but boost defense spending, according to a White House document on Tuesday.

The document titled “A New Foundation for American Greatness" laid out a plan to increase military spending by 10 percent, and $2.6 billion for border security that would also include the construction of a wall along the U.S.-Mexico border that Trump promised during his presidential campaign.

It also proposes tax reductions on American businesses and people in order to meet the target of 3 percent annual economic growth.

The budget plans to cut $800 billion from Medicaid, known as the federal health program for the poor, over the next 10 years. However, it does not touch the social insurance program Medicare and the Social Security retirement program, which are known for increasing national debt.

The proposal aims to reduce spending by $3.6 trillion over the next 10 years in order to balance the budget by the end of that period.

The plan also aims to sell half of the country's Strategic Petroleum Reserves, which stood at 688.1 million barrels for the week ending May 12, according to the Energy Information Administration.

If realized, the sale would raise $500 million in fiscal year 2018, beginning in October, and a total of $16.6 billion between 2018 and 2027, according to the budget proposal document.

By Ovunc Kutlu

NEW YORK

It also proposes tax reductions on American businesses and people in order to meet the target of 3 percent annual economic growth.

The proposal aims to reduce spending by $3.6 trillion over the next 10 years in order to balance the budget by the end of that period.

The plan also aims to sell half of the country's Strategic Petroleum Reserves, which stood at 688.1 million barrels for the week ending May 12, according to the Energy Information Administration.

If realized, the sale would raise $500 million in fiscal year 2018, beginning in October, and a total of $16.6 billion between 2018 and 2027, according to the budget proposal document.