President Trump Asks His Cabinet for 5% Cut in Next Year’s Budget

President Trump Asks His Cabinet for 5% Cut in Next Year’s Budget

President Trump Asks His Cabinet for 5% Cut in Next Year’s Budget

Dubbing it the “nickel plan,” President Donald Trump announced Wednesday that he’s asking every Cabinet Secretary to cut their next-year’s budgets by 5%.

“Get rid of the fat. Get rid of the waste,” President Trump told members of his Cabinet during a meeting at the White House. “And I’m sure you can do it.”

President Trump said he could not ask for the spending cuts earlier because he was working with Congress to increase funding for the US Military.

President Trump’s budget request is due early next year. It is for the fiscal year that starts on 1 October 2019. He said he wants to keep defense spending at $700-B.

President Trump said he has heard of a money-saving strategy called the “penny plan” to reduce federal spending by 1%.

“Rather than go by the penny plan, we’ll go by the nickel plan,” he said

Some Cabinet Secretaries can probably cut more than 5%, he said.

“I believe we can actually do it easily,” he said.

Also

The United States announced Wednesday that it is preparing to pull out of an international postal treaty that allows China to ship packages to America at discounted rates. The move would escalate a trade dispute with China.

President Donald Trump argues that the 144-year-old Universal Post Union benefits China and other countries at the expense of US businesses making it cheaper to ship packages from Beijing to New York than from San Francisco to the US East coast, which particularly benefits Chinese manufacturers.

The officials say the treaty is used by shippers of the narcotic fentanyl from China to the US.

The US is willing to renegotiate the treaty over the next year but will leave the union if no agreement can be reached, the officials said.

Bishar Hussein, director of the Universal Postal Union, said he regrets the US decision and will seek a meeting with American officials.

The move was welcomed by the US National Association of Manufacturers, which called the exiting postal pact “outdated” in the age of e-commerce and at a time of Chinese manufacturing dominance.

Keeping America Great!

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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