President Donald Trump’s proposed 2018 budget would cut $50 trillion from the national debt over 10 years, according to an outline prepared by his budget director.
The budget would make the first of Trump’s eight annual economic stimulus announcements in 2018, the president’s third in three years.
The plan includes $1.6 trillion in tax cuts, $50 million for a “public service loan forgiveness” program that will be available to borrowers who qualify, and a $1 billion reduction in the national health insurance rebate program.
The $50-billion-plus plan also calls for the repeal of the estate tax, which the president has repeatedly called a “disaster” that should be repealed, and it includes a $50.5 billion increase in the number of days that people can apply for the Earned Income Tax Credit.
In addition to these major spending cuts, Trump’s plan would cut tax credits for the elderly, cut benefits for veterans, and increase the debt by $1 trillion over the next decade.
The White House is expected to unveil its own outline of its 2018 budget plans in the coming days.
A bipartisan group of senators on the Senate Budget Committee released its blueprint for the 2018 fiscal year on Thursday, a blueprint that the White House said would also provide for an $800 billion stimulus to boost the economy.
The group of Republican senators said that the blueprint was an effort to balance the budget over the long term, but that the administration did not detail a specific dollar amount of the stimulus.
Trump has called for the stimulus program to be fully paid for with tax cuts for Americans, but has also pledged to boost spending on other programs that have not been paid for by cuts in the federal budget.