White House economic adviser Larry Kudlow revealed Sunday that President Trump wants a 5 percent cut “across the board” on all domestic spending as part of his proposed 2020 budget.
“It will be a tough budget,” Kudlow said during an appearance on “Fox News Sunday.” “We’re going to do our own caps this year and I think it’s long overdue.”
Kudlow added: “Some of these recent budget deals have not been favorable towards spending. So, I think it’s exactly the right prescription.”
Kudlow said that “there’s no reason to obsess” about the budget deficit, even as it approaches $1 trillion, as long as it remains below 5 percent of the overall economy.
He said the budget will contain a proposed 5 percent across-the-board reduction in domestic spending.
Like previous spending blueprints, Trump’s plan for the 2020 budget year will propose cuts to many domestic programs favored by lawmakers in both parties but leave alone politically popular retirement programs such as Medicare and Social Security. – MORE