UNITED STATES – The administration of the US President has submitted a draft federal budget for the 2019 financial year, which begins in October 2018, at a rate of $ 4.4 trillion.
The document sent to the Congress envisages an increase in the budget deficit to $ 984 billion, or 4.7% of GDP.
The document notes that it is planned to reduce the budget during the 2019 financial year mainly due to the reorganization of the government, reforming the social security system, as well as reducing the funding of other states.
At the initial stage, the deficit will increase due to increased investment in infrastructure and defense.
After 2020, as stated in the budget plan, the deficit should begin to decline: by 2021 – to $ 916 billion (3.9% of GDP), in 2022 – to $ 852 billion (3.5% of GDP).
Also after 2020, the budget deficit is to be reduced through the abolition of a number of Obamacare health insurance system provisions, the reorganization of the government, further reduction of assistance to foreign countries and the redistribution of discretionary spending.
The draft budget is a request sent to Congress, which refers to the priorities of the presidential administration. Legislators themselves approve government expenditures, after which the final document is signed or rejected by the president.