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Trump budget would usher in new deficit era

(AP) – President Donald Trump’s budget plan would order steep cuts to the nation’s social safety net but push military spending much higher.

For the first time, it acknowledges that the Republican tax overhaul passed last year would add billions to the deficit and not “pay for itself” as Trump and other Republicans asserted.

If enacted, though no presidential budget ever is, the plan would establish an era of $1 trillion-plus yearly deficits.

The open embrace of red ink is a remarkable public reversal for Trump and his party, which spent years objecting to President Barack Obama’s increased spending during the depths of the Great Recession.

Yet Trump is in line with past Republican presidents who have overseen spikes in deficits as they simultaneously increased military spending and cut taxes.

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