President Trump is well on his way to deregulating and cutting down the size of the federal government more than any president in modern American history.
If his catchphrase, “You’re Fired” could be applied to regulations and governmental burdens, then he would be saying it time and again as he continues his historic streak in cutting back federal regulations.
Trump’s cutbacks are now extending to federal cost of operations as he recently asked each member of his cabinet to cut their respective budgets by five percent.
The cut is aptly named the “Nickle Plan,” ABC News reports.
“Get rid of the fat. Get rid of the waste,” Trump told members of his Cabinet at the White House. “And I’m sure you can do it.”
— ABC News Politics (@ABCPolitics) October 18, 2018
From the report:
Trump said he couldn’t ask for the spending cuts earlier because he was working with Congress to increase funding for the U.S. military.
Trump’s budget request is due early next year. It’s for the fiscal year that starts Oct. 1, 2019. He said he wants to keep defense spending at $700 billion.
Trump said he’s heard of a money-saving strategy called the “penny plan” to reduce federal spending by 1 percent.
“Rather than go by the penny plan, we’ll go by the nickel plan,” he said
Some Cabinet secretaries can probably cut more than 5 percent, he said.
Trump’s optimism that his cabinet can deliver to him and taxpayers across the country, comes amid an increase to the federal deficit to the tune of $779 billion in 2018, CNN reports.
The federal deficit rose 17% in 2018, to $779 billion — the highest since 2012, thanks to a bigger military budget, rising interest costs, and a giant tax cut.
But Republicans, who have historically decried fiscal irresponsibility, only want to talk about spending.
“It’s very disturbing,” said Senate Majority Leader Mitch McConnell on Bloomberg TV on Tuesday, on the newly released deficit numbers. “And it’s driven by the three big entitlement programs that are very popular, Medicare, Social Security, and Medicaid.”
— FOX Business (@FoxBusiness) October 18, 2018
As Bloomberg reports, Senate Majority Leader Mitch McConnell recently said his goal to scale back the deficit was to make cuts to Medicare, Medicaid, and Social Security.
His chamber, however, seems indecisive on how best to make the cuts, prolonging any potential solution.
The unwillingness to change excessive spending is a problem to both political parties and to taxpayers, McConnell argued.
“It’s disappointing, but it’s not a Republican problem,” McConnell said on Tuesday. “It’s a bipartisan problem: unwillingness to address the real drivers of the debt by doing anything to adjust those programs to the demographics of America in the future.”
The Senate leader said any potential change would be dependent on the outcome of November.
McConnell said legislative changes would be “very difficult to do entitlement reform, and we’re talking about Medicare, Social Security and Medicaid,” should Democrats win back a majority in the upcoming midterm elections.
“I think it’s pretty safe to say that entitlement changes, which is the real driver of the debt by any objective standard, may well be difficult if not impossible to achieve when you have unified government,” McConnell added, from Bloomberg.Note: The author of this article has included commentary that expresses an opinion and analysis of the facts.