Everybody has a plan to eliminate the budget deficit in ten to fifteen years, but the debt and interest payments are ballooning now, and the economy is supposedly doing well. From Andrew Taylor at apnews.com:
The federal budget deficit is ballooning on President Donald Trump’s watch and few in Washington seem to care.
And even if they did, the political dynamics that enabled bipartisan deficit-cutting deals decades ago has disappeared, replaced by bitter partisanship and chronic dysfunction.
That’s the reality that will greet Trump’s latest budget , which will promptly be shelved after landing with a thud on Monday. 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.
Washington probably will devote months to wrestling over erasing the last remnants of a failed 2011 budget deal that would otherwise cut core Pentagon operations by $71 billion and domestic agencies and foreign aid by $55 billion. Top lawmakers are pushing for a reprise of three prior deals to use spending cuts or new revenues and prop up additional spending rather than defray deficits that are again approaching $1 trillion.