Debt and Deficit are words that come up frequently during political debates. The two terms are similar, but often confused. A deficit is the annual difference between government spending and government revenue. The government collects revenue in the form of taxes and other income, the government spends the money on several different programs such as national defense, Social Security and healthcare. If more money is spent than the revenue, then it runs a deficit. If less is spent than the revenue, then the government has a surplus. Since 1970 the U.S. government has run a deficit. In 2017 the U.S government is estimated to collect $3.21 Trillion in taxes and spends $3.65 Trillion in its 2017 budget, resulting in a deficit of $443 Billion.
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At the end of 2017 the debt is estimated $20.4 Trillion. Policymakers can put our nation on a better path for economic growth and prosperity by addressing this mismatch between spending and revenue. No single approach is perfect in everyone’s eyes but our leaders have to draw up a plan to ensure a stronger economy and brighter future for the next generation of Americans. President Trumps administration proposed the budget plan titled “America First a Budget Blueprint to make America Great Again”. The plan consists of revenue and spending projections for 2018 to 2027. The plan cuts several programs but also eliminates the budget deficit during the decade. Mick Mulvaney the budget director said “This is the America First …show more content…
The biggest increase would be to the military, 10 percent increase or $54 Billion. The Department of Homeland security would increase funding by 6.8 percent, also $2.6 Billion would be invested to begin working on the wall. The Department of Veterans Affair would have an Increase of 5.9 percent and the National Nuclear Security Administration would have an increase of 11.3 percent. “The President ran [his campaign] saying he would spend less money overseas and more money back home” said Mulvaney. This means that foreign aids would be cut, The Department of Foreign Aids would have a decrease in funding of about 28 percent. The Environmental Protection Agency would have a cut of 31 percent, NASAs climate research would also take hit, NASA would have reduction of about 1 percent. However, spending on space exploration would be increased, this is something Trumps supports. Mulvaney said “We’re not spending money on this anymore [Climate research]. We consider that a waste of your money” while taking questions from White House reporters. The National Institutes of Health would be reduced by 18 percent, which will cause major reorganization of the Institutes and centers, some centers will have to be closed
At the end of 2017 the debt is estimated $20.4 Trillion. Policymakers can put our nation on a better path for economic growth and prosperity by addressing this mismatch between spending and revenue. No single approach is perfect in everyone’s eyes but our leaders have to draw up a plan to ensure a stronger economy and brighter future for the next generation of Americans. President Trumps administration proposed the budget plan titled “America First a Budget Blueprint to make America Great Again”. The plan consists of revenue and spending projections for 2018 to 2027. The plan cuts several programs but also eliminates the budget deficit during the decade. Mick Mulvaney the budget director said “This is the America First …show more content…
The biggest increase would be to the military, 10 percent increase or $54 Billion. The Department of Homeland security would increase funding by 6.8 percent, also $2.6 Billion would be invested to begin working on the wall. The Department of Veterans Affair would have an Increase of 5.9 percent and the National Nuclear Security Administration would have an increase of 11.3 percent. “The President ran [his campaign] saying he would spend less money overseas and more money back home” said Mulvaney. This means that foreign aids would be cut, The Department of Foreign Aids would have a decrease in funding of about 28 percent. The Environmental Protection Agency would have a cut of 31 percent, NASAs climate research would also take hit, NASA would have reduction of about 1 percent. However, spending on space exploration would be increased, this is something Trumps supports. Mulvaney said “We’re not spending money on this anymore [Climate research]. We consider that a waste of your money” while taking questions from White House reporters. The National Institutes of Health would be reduced by 18 percent, which will cause major reorganization of the Institutes and centers, some centers will have to be closed