Trump signs 13% hike in US spending

U.S. deficit to rise to $1T/yr

      President Trump has signed a two-year bipartisan budget deal that adds about $300 billion in additional defense and civilian spending and $90 billion in emergency spending for disaster relief for fiscal 2018 and 2019.

      The deal would raise fiscal 2018 spending to about $1.21 trillion, which is a 13% increase over the fiscal 2017 level. Defense spending would rise by 14%, to $630 billion, and non-defense spending would rise by 12% to $580 billion.

      The GOP-controlled Congress also approved a short-term continuing resolution to fund the government to March 23 while finishing appropriations for fiscal 2018.

      In addition, Congress voted to raise the U.S. debt limit to a level sufficient to fund the government until March of 2019.

      The budget agreement is expected to generate up to $1 trillion in additional U.S. debt each year, according to the WSJ.

      The hefty increase in government spending comes several weeks after Congress approved major tax cuts for corporations and modest cuts for moderate-income Americans, along with other tax changes such as eliminating the estate tax for wealthy Americans. Those changes will raise the deficit by $1.5 trillion.

More information:
Wall Street Journal story: http://goo.gl/PKhXjX

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