Swiss Economicblogs.org
Heavy on spending cuts, but containing dubious revenue calculations, the president’s budget plan is unlikely to be adopted by Congress. But we still expect tax cuts by year’s end.President Trump’s budget request was issued yesterday. Higher defence and infrastructure spending are proposed, more than compensated for by drastic cuts in other spending. The consequence is that total outlays are reduced dramatically.On the revenue side, the budget plan was very short on details. It assumes that...
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