President Donald Trump and Elon Musk are attempting to reduce the federal deficit by targeting certain agencies for cuts, such as the U.S. Agency for International Development and diversity initiatives. However, experts believe that even with these cuts, Trump’s proposed tax cuts, including extending his 2017 law and eliminating certain taxes, would still substantially add to the deficit by at least $5 trillion over 10 years. While Trump and Musk are focused on reducing government spending, real deficit reduction would require addressing major spending drivers like Social Security, Medicare, and defense.
Congress controls federal spending, and it remains unclear how much of Trump’s agenda will pass. The House has approved a budget calling for tax cuts and increased debt limit, with potential spending cuts in areas like Medicaid and SNAP benefits. Trump also aims to cut foreign aid and dissolve the Education Department, but experts argue these are not significant contributors to the deficit.
The focus on foreign aid and education is seen as more of a culture war target than a genuine deficit reduction strategy. Trump has promised not to cut Social Security and Medicare, which are major contributors to spending but vital programs. To achieve a balanced budget while extending tax cuts would require drastic spending cuts, which experts and lawmakers doubt Congress would approve. Additionally, Republicans are looking to increase military spending, border security, and immigration enforcement, further complicating the deficit reduction efforts. Critics accuse Trump and Musk of misleading voters with tax cuts that mainly benefit upper earners, while distractions from the larger issues contributing to the deficit.
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