Analysis Shows Trump’s Budget Proposals Would Increase Federal Deficit Despite Reduction Claims
President Donald Trump and his advisor Elon Musk have recently emphasized their commitment to achieving a balanced federal budget, with both making public statements supporting this goal on their respective social media platforms. However, financial analysis indicates their proposed policies would likely increase the federal deficit. According to the nonpartisan Committee for a Responsible Federal Budget (CRFB), Trump's proposed tax cuts - including extensions of his 2017 tax law and eliminations of taxes on tips, overtime pay, and Social Security benefits - would add between $5 trillion and $11 trillion to the deficit over 10 years. The administration's cost-cutting focuses primarily on specific areas like foreign aid and the Department of Education. Foreign aid currently represents 1.2% of the federal budget ($71.9 billion last year), while education spending accounts for approximately 3%. The House recently approved a budget featuring $4.5 […]
