Trump budget proposes $12.5 trillion in deficit reduction, $3 trillion in tax cuts

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President Donald Trump is proposing a $12 trillion budget that includes a $3.6 trillion tax cut for individuals and businesses and a $1 trillion cut in defense spending, according to a draft budget released by the White House Friday.

The proposed $1.5-trillion cut to the military comes amid concerns about the state of the nation’s nuclear forces and a new war in the Middle East.

The budget proposal calls for $719 billion in cuts to the U.S. Social Security retirement system and $532 billion in reductions in defense and non-defense discretionary spending, as well as $734 billion in Medicare cuts.

It also includes $3 billion in funding for “defence, homeland security, border security, and economic development programs,” according to the draft.

Trump has repeatedly called for more spending on defense, even after his party took control of the Senate in November.

The GOP-led Senate has already passed a $51.4 billion budget, including $1 billion in defense cuts.

The $1-trillions in cuts will be offset by a $6.1 trillion increase in tax revenues, according the White Senate.

A report by the nonpartisan Joint Committee on Taxation last week found that the Trump administration would have a $5.1-billion deficit in the next decade if it followed through with its defense cuts and budget proposal.

Trump’s budget would cut the size of the military by more than a third, and eliminate the Air Force’s bomber fleet and its fleet of F-35 stealth fighters.

The White House said the military budget includes $1,800 per person per month for health care.

A senior administration official told reporters Friday that the Pentagon has received thousands of calls from military families seeking to reduce their medical expenses, and is working on new ways to make it easier for military families to do so.

“We’re working on a new set of tools to make things easier for our families,” the official said.

“It’s a process we’re going to start rolling out.”

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