UPDATED 2:03 PM PT — Wed. Oct. 17, 2018
President Trump is vowing to cut federal spending as part of his ongoing fiscal reforms.
During a cabinet meeting Wednesday, the president touted a five-percent cut to the spending of all cabinet departments and federal agencies.
President Trump called the initiative the “nickel plan.” He said it will curb wasteful spending, misappropriations, fraud, and corruption at the federal government.
This comes as budget deficit rose 17-percent to $779 billion this fiscal year.
President Trump said his “nickel plan” would curb fiscal deficits as well as boost the efficiency of federal government.
“I’ve heard about the penny plan for 15 years — one penny every year per dollar, after 4 or 5 years the country is in good shape,” he stated. “I’m saying let’s not do the penny plan, let’s do the five-penny plan — I’m going ask everybody to come back with a five- percent cut next week, I think you’ll all be able to do it.”
The president also touted further decisive steps to tackle budget deficits over the coming years.