U.S. President Trump submitted a budget request to Congress exceeding $4 trillion, which includes funding for the construction of a southern border wall and military expansion. This budget proposal is expected to increase the federal deficit by over $1 trillion.
Along with the budget request, the Trump administration also announced an initiative to rebuild what the White House describes as America’s "crumbling infrastructure." According to this plan, the U.S. will allocate $200 billion in federal budget funds to stimulate private investors and state and local governments to invest at least $1.5 trillion in infrastructure.
The President’s budget is essentially a series of recommendations presented to lawmakers. According to the U.S. Constitution, only Congress has the power of appropriation.
Jacob Kirkegaard, a senior fellow at the Peterson Institute for International Economics, emphasized: "This is a budget proposal put forth by the President, and it is far from becoming law. It reflects the policy priorities of the Trump administration for the coming year, but it does not compel Congress to take action."
White House Budget Director Mick Mulvaney stated that this proposal includes $23 billion allocated for border security and immigration enforcement, which includes $18 billion for building the wall along the U.S.-Mexico border. Mulvaney said in a statement that this proposal will ensure a "strong and rebuilt defense."
Trump expressed during a meeting with state and local government officials regarding infrastructure that he looks forward to spending more money domestically rather than overseas.
The White House predicts that the U.S. economy will grow at an annual rate of about 3% over the next 10 years, estimating a growth of 3.2% next year, 3% in 2021, and returning to 2.8% by 2026.
The White House believes that the current policies of tax cuts, reducing regulatory burdens, and increasing infrastructure investment are precisely what is needed to meet the long-term growth requirements of the U.S. economy.
