President Trump's Treasury Secretary has said that the cuts along with a booming economy will put America back on a sustainable path for the future.
President Trump will ask all secretaries in his Cabinet on Wednesday to reduce their spending by five percent for fiscal year 2020, as the administration announced the federal budget deficit has surged to its highest level in six years.
“I have a Cabinet meeting in a little while and we are going to ask every secretary to cut five percent for next year,” Trump told reporters in the Oval Office ahead of his full Cabinet meeting slated for Wednesday afternoon.
The president mentioned the administration’s move to direct $716 billion for two years to “rebuild” the military. Trump signed the bill, named after late Sen. John McCain, R-Ariz., in August, which boosted military pay by 2.6 percent—the largest hike in nine years.
“We have repurchased and purchased jets, missiles, rockets, all forms of military equipment—we are in the process of rebuilding,” Trump said.