Trump’s $4.4T budget would move U.S. deficits sharply higher

U.S. President Donald Trump has unveiled a $4.4-trillion US budget for next year that heralds an era of $1 trillion-plus federal deficits and — unlike the plan he released last year — never comes close to promising a balanced ledger even after 10 years.

The growing deficits reflect, in part, the impact of last year’s tax overhaul, which is projected to cause federal tax revenue to plummet. And Monday’s budget submission does not yet reflect last week’s two-year bipartisan $300-billion pact that wholly rejects Trump’s plans to slash domestic agencies.