President Trump is expected to ask Congress for $8.6 billion in border wall funding to be included in the 2020 budget. The news was confirmed by White House Chief Economic Adviser Larry Kudlow during an appearance on “Fox News Sunday” with Chris Wallace.
When pressed on the budget request, Kudlow said he expects another fight in Congress over the wall. “I think it’s essential.” said Kudlow who cited the urgent border crisis.
The Trump administration is expected to continue its pro-growth economic policies of deregulation and low taxes.
Additionally, Kudlow pointed to some of the President’s upcoming budget requests for 2020. Kudlow told Wallace that the President is expected to cut 5% of domestic spending.
Kudlow did not appear phased by the growing deficit of almost $1 trillion, saying “there’s no reason to obsess”. Similarly, when pressed on the expected drop in GDP, Kudlow appeared optimistic.
The Trump administration continues to refute the pessimism of the Federal Reserve. The Fed predicts 2.3% GDP this year, while the White House predicts a stellar 3% GDP.
Job creation slowed in the month of February with only 20,000 jobs added, a number that Kudlow believes is ‘fluky’. Kudlow told Wallace that the February numbers were skewed by the government shutdown. However, wages are rising and unemployment numbers are lowering. February saw a 3.4% wage hike. Kudlow said this was greatly influenced by women in the labor force.
Free & Fair Trade
Kudlow pointed to the United States–Mexico–Canada Agreement (USMCA) as a new and improved version of the North American Free Trade Agreement (NAFTA). USMCA prioritizes the interests of American businesses and workers, while promoting free and fair trade with our North American partners.
The White House is also in daily communication with China, according to Kudlow.
Gordon Chang, Author of “The Coming Collapse of China”, told Fox News’ Maria Bartiromo that China’s economy is contracting. Chang blamed it on tanking retail, car sales, imports & exports, and manufacturing. According to Chang, Xi Jinping is in a vulnerable position.
The President’s Budget
“A Budget for America’s Future reinforces the pro-growth policies that have led to historic job growth and prosperity, cuts wasteful spending, and balances in 15 years.” said Acting Director of the Office of Management and Budget Russ Vought.
President Trump’s budget is expected to cut spending by $2.7 trillion and erase the deficit in 15 years.