The president’s budget proposal released Tuesday could leave millions of Americans out of the pockets of their mortgage payments, with $5.5 trillion in spending cuts over the next decade.
The plan calls for the elimination of the federal mortgage-backed securities program and the elimination or restructuring of the Consumer Financial Protection Bureau.
“I’m asking you to support the President’s budget, which includes his proposed $5 trillion budget for 2018-2025,” Trump said in a speech.
“I am proposing to use the tax code to reduce our debt by $2.5 Trillion.
I am proposing $4 trillion in infrastructure spending, and $5 billion in tax relief for businesses, families and individuals.”
The President’s proposed budget proposes $4.5tn in tax cuts over 10 years, $1.5trillion in spending reductions over 10-year periods and $4trillion for infrastructure.
The budget would also increase the federal minimum wage from $7.25 to $10.10 an hour.
But the White House said the proposed $4tn in infrastructure and $2trillion on infrastructure would go into effect over the course of 10 years.
Trump also outlined his plans to boost the economy, and his proposed cuts to the federal deficit.
His budget includes $1 trillion for infrastructure, $2 trillion for job creation, and the $1trillion to pay for the health care costs of 1.6 million Americans.
On Wednesday, Trump was asked about the proposed spending cuts by The Associated Press.
He said, “I’ll give you a number.
It’s the same number that was in the [presidential] budget that I presented.
The number is the same.
It was a different budget.”
Trump, who also released a plan for Medicare, has called for spending cuts of more than $5trn over the last five years.
The White House did not provide an exact estimate of the budget’s spending cuts, but it said they were needed to “support the President and his agenda to strengthen the middle class and get America back on its feet.”
Read more: White House says Trump budget will help working class In his budget, the President proposes $6.7 trillion for the military and $3.3 trillion for other government programs.
While Trump’s proposed cuts are expected to make some people poorer, the plan would allow the wealthiest Americans to get more money, including a tax break on investments in new luxury homes.
Under the proposed budget, Trump would also propose to repeal the estate tax and the Alternative Minimum Tax.
Democrats have criticized Trump’s plan, arguing it would not create enough jobs to help the economy grow.
More: Democrats want to end the estate and alternative minimum tax