White House to Offer Balanced Budget Plan in Mid-May: Mulvaney

© Reuters. The director of the White House Office of Management and Budget, Mick Mulvaney, speaks about the budget at the White House in Washington.

WASHINGTON (Reuters) – A detailed version of President Donald Trump‘s budget to be released in May will lay out plans to eventually erase America’s deficits, White House budget director Mick Mulvaney said on Sunday.

“We’re getting into that now. For May, I think we’re targeting mid-May, we’ll have that bigger budget …” Mulvaney said on NBC’s “Meet the Press.”

Mulvaney acknowledged that the budget would not be balanced in the upcoming fiscal year 2018, but said the administration wants to put the country on the path to final elimination of annual deficits.

“We won’t be able to balance the budget this year, but we are working to try and balance it within the 10-year budget window, which is what Republicans in the House and Senate have traditionally done in the last year for a couple of years.” Mulvaney said.

“It is a very complicated budgeting process when your entitlements, your mandatory expenditures are generating most of your budget deficit,” he said. “So over the course of the next decade, we will have to look at the mandatory spending side to find a way to make changes in the way we spend money.”

The full budget to be rolled out in May will put “more meat on the bones” of Trump’s preliminary budget plan released last week, said Mulvaney, director of the White House Office of Management and Budget.

Trump’s initial budget outline drew criticism from both Democrats and some Republicans for his proposals for steep cuts to national programs, such as environmental education and compliance programs, as well as foreign aid.

As a presidential candidate, Trump campaigned promising to quickly balance the budget and eliminate federal debt during his presidency.

Mulvaney said Trump’s proposals to boost America’s infrastructure could be ready for release around “summer or early fall.”

He said some money had been taken out of the budget plan “with the intention of putting it back on the infrastructure bill.”

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